Native Consortium & Research Center

Native Consortium & Research Center

As Oil price drop by almost 50%, we urge the Government to further Reduce the Pump Price of Fuel by At Least 25% (Le 6,500 per liter).

Firstly, we want to start by stating that the Public Notice issued today by Petroleum Regulatory Authority (PRA) is of no moment. You cannot stop people from holding opinion or speculations in a world where people know what is happening in the global market right on their smart phones at splits seconds. If indeed the PRA is a “People centered Government agency” as the claim, oil price should not have plummeted in the world market by almost 50% but the PRA reduce the pump price by only 5%. People centered Government like Nigeria that has been badly affected because they are an oil exporting nation. They are currently suffering from a crashing GDP which has reduced their pump price from 160 Naira to 114.53 Naira which is equivalent to Le 3,015. With a 28% reduction in the pump price, this is what shows that there is enough trigger for a jumbo reduction with a People centered Government. The PRA should learn more about what is a “proactive and people’s centered Government”.

Pursuance to the sharp decline in the Price of oil in the world market by more than almost 50% since 1991, the Consortium wish to urge the Government to reduce the pump price to at least 25% (Le 6,500 per litre).This is a safe region which would not only reduce the transport price across the country and will not push the government to alter the pump price upwards in the short run suppose the Corona pandemic end.

This would ease the economic hardship on the people, by curtailing inflation in the Consumer Price Index.  As Sierra Leone target to meets the single digit inflation criterion in Primary and convergence criteria for the new sub-regional currency (Eco). Sierra Leone, Ghana and Nigeria are yet to pass the single digit inflation (convergence) criteria, we must start to leverage on this price war at OPEC. Above all, this Government would be seen changing the dominance narrative price climbing down for once and this would give relief and joy to the ordinary Sierra Leoneans that we can still become a beacon of hope

President Bio promised that 2020 is a year of delivery and he is committed to fight hunger and building human capital. Mr President this is one free penalty you can score if only you have the people at heart.

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