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Monday, May 25, 2020

Drastic Drop in Fuel Price

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The old adage – ‘what goes up must come down’ came true in Sierra Leone on Friday  6th March 2020, when fuel suppliers in the country decided to reduce prices just weeks after they were increased.

This recent drop in fuel prices by an average five hundred Leones (Le500) per litre is in response to a fall in the global market cost 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 in Sierra Leone, all pump prices have been adjusted downwards, with effect from Friday, 6th March 2020, with most fuel products now sold at Le8,500.

This is 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 however today sending out mixed and confusing messages to drivers about the price reduction. 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 they are charged and pay the correct price of Le8,500 to the cashier.

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