State House, Freetown, Friday 12 July 2024 – His Excellency President Dr. Julius Maada Bio has received the annual report from the Petroleum Regulatory Agency (PRA) and assured them of reviewing it while calling for further reforms.
In his introductory statement before presenting the report, Executive Chairman of PRA, Brima Baluwa Koroma, stated that as a statutory body with numerous responsibilities, including managing government strategic stock, they were legally required to present a report on their activities, successes, challenges, and plans for the coming year.
Koroma highlighted various reforms implemented through different policies as advised by President Bio in previous engagements. He noted that these reforms enabled the agency to double its revenue by almost 128%, and the importation of petroleum products and related commodities had grown by 52%. He disclosed that there are three operational jetties in the country; although the national storage target is 500 thousand metric tons, the current capacity stands at approximately 230 thousand metric tons.
Mr. Koroma dedicated the agency’s milestone achievements to President Bio and thanked his staff for their dedicated service.
After receiving the report, President Julius Maada Bio thanked Koroma and his team for their work and proactive efforts in ensuring successful reforms within the agency. He emphasized that they operate in a very sensitive sector affecting every individual at some point.
President Bio commended the team for reviewing the pricing formula and increasing storage capacity while noting that increased revenue generation in this sector was a positive development. "I am proud that we have an open sector now and I want to challenge you to do more reforms and create an open playing field for more players in the sector," he concluded.
For More Enquiries: State House Media and Communications Unit info@statehouse.gov.sl
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