Sierra Leone Telegraph: 7 march 2020:
The old adage – ‘what goes up must come down’ came true in Sierra Leone yesterday, when fuel suppliers in the country decided to reduce prices just weeks after they were increased.
Yesterday’s drop in prices by an average Five Hundred Leones (Le500) per litre is in response to a fall in global market costs of crude oil, following the announcement by several industries to cut production as a result of the Coronavirus pandemic, which many fear may lead to another economic downturn, similar to that experienced in 2008.
According to a statement signed by the fuel companies yesterday, all pump prices have been adjusted downwards, with effect from Friday, 6th March 2020, with most fuel products now sold at Le8,500.
This expected to have a significant downward effect on inflation, as transportation and distribution costs make up a large proportion of consumer price index in Sierra Leone.
But some petrol stations are today sending out mixed and confusing messages to drivers about the price reduction at their forecourts. For example, the NP petrol station at Cotton Tree, Freetown is still showing petrol prices at Le9,000 on their boards, but some drivers say that they are charged the correct price of Le8,500 by the cashier.
Good news for the people of Sierra Leone as there is a reduction in the cost of fuel. I only hope for things to return back as they were before the Le500 increase made by the Government sometime ago. Please Government, let the minister of trade assist us in terms of how the traders are ready to increase their prices but not ready to decrease when there is a change. For example, some commodities prices must drop down because of the change in the price of fuel.
A big relief for the short term due to the Coronavirus issue? But what happens after the Coronavirus is brought under control or if for some other reasons, the crude oil price increases again? Now comes to my point concerning our refinery and petroleum products storage. Does the government have petroleum products storage facilities/capacities to buy and store petroleum products, now that the price of crude oil is decreased? Absolutely not.
I suggest the Bio Administration, as I have always said, consider the construction of a new oil refinery or repair the old one which was sold by some unscrupulous officials during the NPRC Junta years and now left to rot. SAD. Nevertheless, Sierra Leoneans will celebrate this short lived relief in my view. God help Sierra Leone with investment in a new oil refinery.
Yes, a small good news. 500 Leones is just 5ct/l.
Good news,indeed,for our people,especially the poorest of the poor among us struggling to make ends meet.Today is different, in Sierra Leone,we have some refreshing good news to celebrate. Folks,rejoice with me! But please remember, to achieve stability, tranquillity, and peace of mind,we must be ready to make sacrifices,willing to work,strive,and build a strong, robust, sustainable economy,that is resilient to the devastating effects of man made problems,natural disasters,and the influences of every external wind of social, political,and economic change.
A vibrant economy,supported by a strong currency, could guarantee that the prices of fuel, and other indispensable commodities, remain pegged,and anchored at the lowest margins possible,and fluctuations in prices will then become a thing of the past,like an unexpected raging storm,that came,wrecked.havoc,and went its way… Rising Sun Will Rise Again.
Welcoming news. Fuel prices in Salone dictates all economic activities; so this is definitely a sigh of relief. We are hoping to see a reduction in prices of other commodities across the nation.