𝐏𝐑𝐀 𝐄𝐱𝐜𝐞𝐞𝐝𝐬 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐏𝐫𝐨𝐣𝐞𝐜𝐭𝐢𝐨𝐧

The Executive Chairman of the Petroleum Regulatory Agency (PRA), Brima Baluwa Koroma yesterday announced that PRA increased domestic revenue generation between January and September 2024 with three months to the end of the year.

Speaking at the quarterly media update at the British Council Building at Tower Hill in Freetown, Mr Koroma said petroleum revenues of over NLe1,757.21 Billion have currently exceeded PRA’s revenue projections for 2024. The 2024 run rate: NLe2,342.95 – with a 271.26% increment since 2018.

In addition to revenue generation, the Agency has also successfully reviewed petroleum pump prices from NLe30.00 per liter to NLe27.30 and NLe27.40 per liter for petrol and diesel respectively, and NLe25.03 and NLe25.11 per liter for kerosene and fuel oil.

Mr Koroma said this was done with collaboration from the Ministry of Trade and Industry; the Ministry of Finance; the World Bank, and other value chain stakeholders.

Product consumption split includes petrol 46.50%; diesel 49.10%; others: 4.4% (Barrel: Petrol 41.4% Diesel 32.90%).

Despite all these, the Executive Chairman said “We have never added tax” but said the increment was due to “Our efficient and transparent revenue management.”