The Minister of Trade and Industry, Alpha Sesay, has revealed that the government has spent more than $8 million in recent months to subsidize petroleum products, a move aimed at cushioning citizens from the sharp rise in global oil prices.
Speaking during the national policy hearing on the 2027 Financial Year budget, Sesay explained that the subsidy was necessary to prevent steep increases in the cost of essential services and to limit the economic shocks triggered by external market forces.
“For the past couple of months, government has subsidized over $8 million on petroleum products,” Sesay disclosed.
He noted that the global oil market has seen dramatic shifts, with the price of a barrel of crude rising from $62.24 in December last year to $105 today. “We all know what the implications are when the price of energy goes up. Everything else is affected,” he stressed.
The minister warned that the volatility in petroleum prices has already left severe implications on Sierra Leone’s economy, driving up costs across transport, businesses, and households.
Currently, pump prices remain unstable, with petrol selling at NLe40 per litre and diesel at NLe45 per litre. Sesay emphasized that the government’s intervention through subsidies is designed to ease the burden on citizens while broader fiscal measures are considered in the upcoming budget.