By Amin Kef Sesay
President Dr. Julius Maada Bio received the annual report from the Petroleum Regulatory Agency (PRA) on July 12, 2024 at State House in Freetown. He expressed gratitude for the Agency’s efforts and called for continued reforms.
During the presentation, PRA Executive Chairman, Dr. Brima Baluwa Koroma emphasized the Agency’s statutory responsibilities, including managing the Government’s strategic stock. He reported on the Agency’s activities, successes, challenges and future plans, noting significant reforms implemented based on presidential guidance.
Dr. Baluwa Koroma highlighted that the reforms led to a remarkable 128% increase in revenue, with petroleum product imports growing by 52%. He also reported the presence of three operational jetties in the country, although the national storage target remains at 500,000 metric tons, with current levels at approximately 230,000 metric tons. He dedicated the agency’s achievements to the President and praised his staff for their commitment.
In response, President Bio commended the PRA for their proactive approach and their successful implementation of reforms. He acknowledged the sensitivity of the petroleum sector, which impacts every citizen. The President praised the review of the pricing formula and increased storage capacity, viewing the rise in revenue as a positive sign.
“I am proud that we have an open sector now and I challenge you to implement further reforms to create a more competitive environment for all players,” he concluded.
