The Committee on Petroleum, which was formed during the Iran-America/Israel conflict, will be having their bi-weekly meeting tomorrow morning at the Ministry of Finance, in Freetown, to review the pump prices of fuel with the oil marketing companies.
In April and May, the Government of Sierra Leone subsidized fuel to the tune of USD1.6Million and USD3.1Million respectively. And it is an economic fact that with fuel subsidy, the market can be distorted as prices can be artificial because Government will strive to give immediate relief to consumers, ensure product availability but at the same time threatening the fiscal stability of the economy.
Despite all the odds, after tomorrow’s meeting at the Ministry of Finance, it is expected that the Government of Sierra Leone will further reduce the burden on consumers and ensure product availability by reviewing the pump prices on petroleum products downwards.