The Executive Chairman of the Petroleum Regulatory Agency (PRA), Brima M. Baluwa Koroma has revealed ambitious plan to raise a whooping revenue of about 2.7 trillion Leones by December 2024.

He made the disclosure during the quarterly media briefing held yesterday Tuesday 8th October, 2024 at PRA Headquarters, Tower Hill, Freetown.
In his update, PRA Boss informed pressmen that petroleum agencies across the world is a regulatory sector that contribute to domestic revenue to government, be it an oil producing or consuming country.

“ In the past five years, PRA raised a revenue of Le473B old Leones annually, and as of last December, 2023, the agency jumped to Le1.2 trillion respectively. Amidst no uncertainty, we have targeted a whooping revenue of Le1.7 trillion old Leones by December 2024.

PRA is mitigating some of the challenges that has been facing the agency for the past five years, precisely, the storage facilities” he averred.

He cited Conex storage facility that would accommodate 30,000 metric tons of fuel which was recently commissioned at Kissy and the refurbished storage facility by Aminata and Sons at Cline town which accommodates 10,000 metric tons.

Speaking about the global issue, Mr. Koroma said amidst the current issue in the Middle East, there has been a turn-around in the petroleum sector.

PRA Boss stated that there has been an increased of 6.4 percent on petrol and 4.5 percent on diesel emphasizing that PRA does not determine fuel prices.
He said that the geopolitical tension may likely impact on the fuel prices.

He concluded by highlighting that PRA wants to discourage the tendencies of unfair competition, achieve efficiencies and cost reduction through mandatory stock balances with all license operators, eliminate barriers to market entrance, to establish a national depo operation, open access to storage tanks, joint responsibilities and action on fire prevention at the terminals.

Baluwa Koroma underscored the importance to open the sector and bring more players in a bid to immensely contribute to the national development of the country.