PRA Exposes Unpatriotic Action Of NP Brookfields Station
The Sierra Leone Petroleum Regulatory Agency (PRA), on Thursday 30th November 2023 sealed the NP Pump station at Brookfields for hoarding oil products, which is in contravention of the PRA regulations in the country. The PRA was established to license and regulate the efficient importation, storage, transportation and distribution of petroleum so as to ensure its regular availability to consumers at reasonable prices and to provide for other related matters.
PRA discovered that the NP Brookfields Station had almost 15,000 liters of petrol and 2,200 liters of diesel, the station refused to sell to the public causing artificial scarcity. PRA informed the general public that there is adequate stock of petroleum products that will cover beyond the festive period, hence there should be no tendency for speculative or panic buying.
“The NP petroleum station at Brookfields, Kinghaman Road, Freetown, was sealed and license suspended after it was caught up on the supervision by the Chairman of the PRA, during the investigation as to why it refused to sell out to the public,” a report states, and added that the findings came out that it has sufficient products as follows: Petrol: 14,800 liters, 10,000 in BRV, 4,800 liters underground and Diesel: 2,200 liters.
An Expert in the sector remarked that the negative consequences of a pump station hoarding oil products in Sierra Leone can have several implications for both the economy and the population. “Hoarding by a pump station restricts the availability of oil products in the market, leading to fuel scarcity. Limited supply can cause prices to skyrocket, burdening consumers and businesses alike. This can have inflationary effects on the overall economy, making transportation, production, and daily activities more expensive,” he said, and added that oil products are essential for various sectors, including transportation, agriculture, manufacturing, and electricity generation. When a pump station hoards oil products, it disrupts the smooth functioning of these sectors, hindering economic activities and potentially leading to decreased productivity, job losses, and a slowdown in economic growth.
He furthered that fuel scarcity caused by hoarding can create a thriving black market where individuals or entities illegally sell oil products at exorbitant prices. This underground market not only exacerbates the economic burden on consumers, but also promotes illegal activities and increases the risk of fuel adulteration.
Regarding the role of the petroleum regulatory agency, in Sierra Leone, he said it is mainly responsible for overseeing the petroleum sector, ensuring compliance with regulations, and safeguarding the interests of both consumers and the industry. “The petroleum regulatory agency plays a crucial role in protecting consumers’ interests by promoting fair practices, monitoring quality standards, and addressing consumer complaints and disputes. “It establishes mechanisms for grievance redress and ensures that consumers have access to accurate information and fair treatment,” he noted.