Petroleum Regulatory Agency Suspends Licenses of NP & Four Others

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PRA Compliance Dept. enforcing the law

Sierra Leone’s Petroleum Regulatory Agency (PRA) on Monday announced it has suspended the operational licenses of five fuel dealers found culpable for hoarding fuel during the festive season. The agency noted that the action of these dealers led to an artificial scarcity of petroleum products in some parts of the country which invariably affected transportation costs and commodity prices in the market.

In a press release dated 4th January 2022, the PRA said these dealers contravened regulatory provisions governing the downstream sector by hoarding petroleum products ‘in anticipation of a price increase’ despite the availability of sufficient stock.

Consequently, the operating licenses of Mohamed Kamalobee Koroma Enterprise, 1 Lower Allen Town; National Petroleum Campbell Street, Freetown; Kalinda Enterprise Gas Station, Reservation Junction, Bo; Ibrahim Saccoh, 2 Kenema Highway in Bo, the country’s second capital, have all been suspended for the time being. The PRA indicated that they took this decision in order to avert a volatile situation and to restore sanctity in the downstream sector after several warnings issued to these dealers have gone unheeded.

The PRA also observes that other dealers including oil marketing companies (OMCs) are in the habit of hoarding their products in order to force the government to revise upwards the prices of petroleum products so they can realise more profits at the expense of the hapless population. In fact, it has been widely reported that some of these fuel stations often recalibrate their machines to cheat their customers all in the name of making money.  

The agency has now issued a stern warning against all dealers and OMCs who are in the habit of hoarding petroleum products and threatens further to revoke their licenses if they continue such nefarious practices that run afoul of the law. see press release below.

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