The Petroleum Regulatory Agency (PRA), established by Act of Parliament in 2014 and further empowered by the Statutory Instrument of 2016, plays a pivotal role in regulating Sierra Leone's downstream petroleum sector. Its mandate encompasses refining, storage, importation, bunkering, transportation, distribution, and retailing, among other critical functions, to ensure nationwide affordability and efficiency in pump prices.
Under the leadership of the astute Executive Chairman, Baluwa Koroma, the PRA has undergone significant transformation, emerging as one of the most efficient and service-oriented agencies in the country. Through proactive and smart regulation, the agency has witnessed a remarkable increase in petroleum revenues, reflecting a 62% surge from Le473.46bn in 2018 to Le767.14bn in 2022, despite geopolitical tensions posing continuous threats to the sector.
Driven by Koroma's visionary leadership, the PRA has implemented substantial reforms, attracting private investors and facilitating the establishment of over 410 gas stations nationwide. This surge in infrastructure not only enhances service delivery but also addresses energy poverty by ensuring wider access to petroleum products across the country.
Moreover, the PRA has taken bold steps to assert government participation in the downstream petroleum sector, including the adoption of PLATTS for determining local pump prices. By establishing its own PLATTS subscription and implementing daily stock monitoring to prevent hoarding and artificial scarcity, the agency ensures efficient distribution and compliance with international standards.
Additionally, the PRA's commitment to compliance and standards is evident through establishing an Engineering Department, providing technical guidance to private investors seeking to operate gas stations. This proactive approach ensures all facilities meet stringent requirements, promoting adherence to international best practices.
In essence, the Petroleum Regulatory Agency, under the dynamic leadership of Baluwa Koroma, continues to spearhead transformative initiatives, propelling Sierra Leone's downstream petroleum sector towards sustainable growth and development.
