{"id":25659,"date":"2023-12-08T12:40:20","date_gmt":"2023-12-08T12:40:20","guid":{"rendered":"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/dr-baluwa-koroma-showcases-pras-recent-strides"},"modified":"2023-12-08T12:59:54","modified_gmt":"2023-12-08T12:59:54","slug":"dr-baluwa-koroma-showcases-pras-recent-strides","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/dr-baluwa-koroma-showcases-pras-recent-strides","title":{"rendered":"Dr. Baluwa Koroma Showcases PRA\u2019s Recent Strides"},"content":{"rendered":"

Africa-Press – Sierra-Leone. <\/strong><\/span>During the Ministry of Information and Civic Education\u2019s recent weekly press briefing, Brima Baluwa Koroma, the Executive Chairman of the Petroleum Regulatory Agency (PRA) detailed significant strides made by the Agency in the past five years. He also urged journalists and media outlets to avoid portraying the PRA simply as a crisis management entity.<\/p>\n

Koroma, who took the helm of PRA during a critical period requiring substantial reform, underscored the complex and volatile nature of the industry. He addressed the challenges the Agency faced due to a scarcity of investors and staff, which impeded the Downstream Sector\u2019s growth and made petroleum products\u2019 access difficult for the country\u2019s citizens.<\/p>\n

The PRA Chairman explained that the Agency currently collaborates with four importers in Sierra Leone for the provision of petroleum products. He expressed concern that the total storage facility for the Downstream Sector, boasting nearly 200,000 metric tons of capacity and owned by the Government of Sierra Leone, is fully in the hands of private investors. He described the Government\u2019s non-participation in petroleum import as \u201cunreasonable.\u201d<\/p>\n

However, a significant development came in December 2022 when the cabinet granted Sierra Oil Company the exclusive rights to import petroleum products. This company is also responsible for determining retail pump prices in accordance with global market dynamics, guided by regular updates from the international benchmark, Platt.<\/p>\n

Koroma revealed an impressive increase in the Agency\u2019s revenue generation, which rose from 4.76 Billion Leones in 2018 to a staggering 800 Billion Leones by 2022. He attributed this success to the agency\u2019s savvy and proactive regulators. He further vowed to increase the agency\u2019s revenue contributions, which currently account for 12% of the country\u2019s domestic revenue.<\/p>\n

Over the years, the PRA has expanded its footprint beyond its initial base in Freetown. It has now established regional offices in the North, South, and Eastern Regions, helmed by committed Regional Managers. Furthermore, plans are underway to inaugurate a new office in Port Loko Township in the Northwest Region by February 2024.<\/p>\n

Highlighting Sierra Leone\u2019s growing petrol consumption, Koroma noted that the daily intake has risen to about 1.4 million liters, up from 1.2 million liters per day in 2022. He projected this figure to jump to 3.5 million liters per day over the next five years. This trend has prompted PRA to initiate an overhaul to enhance its efficiency and competitiveness. In line with these efforts, PRA is in negotiations with the International Monetary Fund (IMF) to reassess current retail pump prices, a move that has received the World Bank\u2019s approval.<\/p>\n

In his concluding remarks, Koroma appealed to journalists and media practitioners to recognize the PRA as a positive force in the industry, not merely a crisis response unit. He discouraged the media from magnifying minor issues and encouraged the focus on the agency\u2019s year-long achievements. \u201cWe shouldn\u2019t sensationalize minor issues while the agency continues to make significant strides throughout the year,\u201d he stated. He emphasized that occasional challenges are not indicative of failure and encouraged the media to spotlight the PRA\u2019s substantial efforts to stabilize the country\u2019s fuel supply.<\/p>\n

For More News And Analysis About Sierra-Leone<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Sierra-Leone. During the Ministry of Information and Civic Education\u2019s recent weekly press briefing, Brima Baluwa Koroma, the Executive Chairman of the Petroleum Regulatory Agency (PRA) detailed significant strides made by the Agency in the past five years. He also urged journalists and media outlets to avoid portraying the PRA simply as a crisis […]<\/p>\n","protected":false},"author":84,"featured_media":25658,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,12],"tags":[291,293,292],"class_list":["post-25659","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-africa-press","tag-africa-press-sierra-leone","tag-sierra-leone"],"yoast_head":"\nDr. Baluwa Koroma Showcases PRA\u2019s Recent Strides - Sierra Leone<\/title>\n<meta name=\"description\" content=\"During the Ministry of Information and Civic Education\u2019s recent weekly press briefing, Brima Baluwa Koroma, the Executiv ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/dr-baluwa-koroma-showcases-pras-recent-strides\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dr. Baluwa Koroma Showcases PRA\u2019s Recent Strides\" \/>\n<meta property=\"og:description\" content=\"During the Ministry of Information and Civic Education\u2019s recent weekly press briefing, Brima Baluwa Koroma, the Executiv ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/dr-baluwa-koroma-showcases-pras-recent-strides\" \/>\n<meta property=\"og:site_name\" content=\"Sierra Leone\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-08T12:40:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-08T12:59:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/sierra-leone\/sites\/16\/2023\/12\/sm_1702027674.616041.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"985\" \/>\n\t<meta property=\"og:image:height\" content=\"692\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/dr-baluwa-koroma-showcases-pras-recent-strides#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/dr-baluwa-koroma-showcases-pras-recent-strides\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Dr. Baluwa Koroma Showcases PRA\u2019s Recent Strides\",\"datePublished\":\"2023-12-08T12:40:20+00:00\",\"dateModified\":\"2023-12-08T12:59:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/dr-baluwa-koroma-showcases-pras-recent-strides\"},\"wordCount\":531,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/dr-baluwa-koroma-showcases-pras-recent-strides#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/sierra-leone\/sites\/16\/2023\/12\/sm_1702027674.616041.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Sierra-Leone\",\"Sierra-Leone\"],\"articleSection\":[\"all news\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/dr-baluwa-koroma-showcases-pras-recent-strides#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/dr-baluwa-koroma-showcases-pras-recent-strides\",\"url\":\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/dr-baluwa-koroma-showcases-pras-recent-strides\",\"name\":\"Dr. Baluwa Koroma Showcases PRA\u2019s Recent Strides - 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