Petroleum Powers 12% of National Revenue
– NPRA Boss
By: Gibrilla Kamara
In a bold revelation at the government’s weekly press briefing held on July 15, 2025, at the Miatta Conference Hall in Freetown, Director General of the National Petroleum Regulatory Authority (NPRA), Mr. Brima Baluwa Koroma, announced that the petroleum sector now contributes 12% of Sierra Leone’s domestic revenue—a clear indicator of its growing economic significance.
Mr. Koroma painted a stark contrast between the past and present, noting that just five years ago, the country operated with only a two-week petroleum reserve, plagued by supply instability and limited players. Fast forward to today, the sector boasts 10 major importers and a storage capacity of 278,000 metric tons—a massive leap in infrastructure and competition.
He emphasized that these strategic developments are not only enhancing energy security but are now playing a key fiscal role, with petroleum revenues forming over a tenth of national income.
Addressing public concerns on fluctuating fuel prices, the NPRA boss credited global market trends and domestic policy reforms under President Bio for recent price reductions at the pump. He highlighted that price ceilings and open market competition have prompted dealers to lower fuel prices voluntarily, benefiting consumers.
Mr. Koroma reaffirmed NPRA’s commitment to a free market system while maintaining firm oversight to ensure the sector remains a pillar of national growth.
“We’re not just ensuring fuel supply—we’re building a future where petroleum becomes a stable and significant contributor to Sierra Leone’s development,” he concluded.