The government has reported an increase in petroleum income in the economy. The Petroleum Regulatory Agency (PRA) revealed that a significant rise in revenue derivable from the oil sector was recorded in the 9 months to September 2024.

Executive Director of PRA, Brima Koroma disclosed that from January to September 2024, petroleum revenues exceeded projections and peaked at over Nle 1,757.21 billion; approximately £57.637,118.64. Adding that the PRA has restored public trust in the petroleum sector. The PRA, according to him, is dedicated to transparency and accountability. “This has led to a significant increase in operational gas stations, reflecting renewed public faith in the agency”. PRA’s commitment to improving accessibility and service delivery, he said, is evident in its strategic initiatives, which include increasing storage capacity to ensure a stable supply of petroleum products and forming strategic partnerships to strengthen market stability amidst global challenges.

The achievements of the PRA are supported by government’s focus on economic development and infrastructure and the PRA’s administration’s vision for a prosperous and self-reliant Sierra Leone aligned with its mission of fostering growth and innovation. He spoke on environmental sustainability noting that the oil regulatory agency has implemented strict environmental standards in the industry.

“PRA’s strict environmental standard has helped in moderating environmental impact while ensuring adherence to regulatory standards”. He explained further that the agency reported product consumption split of 46.50% petrol, 49.10% diesel and 4.4% others, with petrol and diesel barrels at 41.4% and 32.90% respectively. The PRA, in recent times, has successfully reviewed petroleum pump prices, reducing them from Nle 30.00 per litre to Nle 27.30 for petrol and Nle 27.40 for diesel, in collaboration with the Ministry of Trade and Industry, Ministry of Finance, World Bank, and other stakeholders.

In 2025, domestic economic growth is projected at 4.5 percent due to anticipated extension in agricultural activities, a rebound in the mining sector and continued macroeconomic stability. This outlook is supported by the Bank in assessing business confidence and composite index of Economic activities (CIEA).