Fuel Price Increase Imminent

According to international news, Russia, the biggest exporter of crude oil to Africa, has issued a ban on export of diesel and gasoline in the international market, which by implication, means that the price of pump price will rise across the world, and Sierra Leone will not be an exception.

While the government is doing all it can to address the current situation, the possibility of an increase in the pump price of fuel is therefore imminent. This is not the making of Sierra Leone or any government, but rather, a unilateral decision by the Russian government, seemingly responding to sanctions imposed on it by the west and NATO countries.

It could be recalled that the war in Ukraine has had adverse effects on global economy, bringing big economies to their knees. The effect has resulted in an exponential increase in the prices of goods and services across the globe, with less developed countries bearing the brunt.

The reduction in the supply of wheat and other grain from Russia and Ukraine has been hugely affected, leading to the UN and other countries negotiating safe corridor for grain shipment from the Black Sea port. Recently that process was halted, with Russia pulling out from the agreement on allegation that Ukraine is using that OPP to attack its Black Sea fleet with sea drones as well as using civilian cargo ships to bring in weapons. This disruption has further exacerbated the already precarious position of many counties. Now the shift has been taken further to include ban on export of crude oil.

The situation for Sierra Leone, as for many other African countries, will be dire, as the current situation is already biting the nation. At such times the patriotism of citizens will come into question, especially as some will want to score political points out of such situations. It should be noted that Sierra Leone is not a producer of crude oil, neither does it have a refinery to refine crude oil, but buys the refined fuel (gasoline/petrol and diesel) at the price sold.

Furthermore, the greed displayed by the 9 Major Shipping Companies, who control the global shipping industry, in increasing their prices on their carriers by 1000%, has been responsible for the increase of the pump price of fuel in most countries, including Sierra Leone. Thus, with this ban on export of crude oil by Russia, fuel price in the world market will rise, and considering the greed of those 9 shipping companies, the price of fuel will also increase, therefore Sierra Leoneans should be expecting an increase soon of fuel pump price.