The Government of Sierra Leone has announced a temporary fuel subsidy aimed at easing the burden of rising global fuel prices on citizens and businesses.
In a statement issued on Thursday, the government acknowledged that increases in fuel prices have far-reaching effects on transportation, electricity, and the overall cost of living, placing significant pressure on households and economic activities.
Authorities explained that based on current market realities, the pump price of fuel would have risen to NLe36.10 per litre for petrol and NLe44.26 per litre for diesel under the prevailing pricing formula.
However, in a move to mitigate the impact, the government said it would not fully transfer these costs to consumers.
Instead, it approved adjusted pump prices of NLe35 per litre for petrol and NLe40 per litre for diesel for the period between April 2 and April 15.
The arrangement effectively means the government is subsidising NLe1.10 per litre on petrol and NLe4.26 per litre on diesel within the two-week window.
The government disclosed that the decision followed consultations with oil marketing companies, with both parties agreeing to maintain stable prices throughout the duration of the intervention.
It described the subsidy as a short-term relief measure, noting that efforts were ongoing to explore more sustainable solutions in response to the volatile global fuel market.
According to the statement, engagements are currently underway with development partners to consider additional support options should the global price situation persist.
The government further assured citizens that it is working closely with petroleum marketers to ensure consistent fuel supply and prevent disruptions across the country.
It added that it would continue to monitor developments in the global oil market while keeping the public informed of any further adjustments or interventions.