• Facebook
  • Twitter
  • YouTube
ManoReporters.com
ADVERTISEMENT
  • Home
  • News
    • All
    • Business and Economy
    • Politics
    • Health
    • Sci-Tech
    • Regional
    • Culture
    Côte d’Ivoire’s democracy:  The high-stake battle for 2025

    Côte d’Ivoire’s democracy:  The high-stake battle for 2025

    Members of Team Kenema Water Supply pose with the symbolic cheque of USD3,000 after being declared winner of the maiden edition of the Sierra Leone Afinnovate Challenge in Bo City on Saturday, September 2025. Image, Emmanuel Kamara, ManoReporters.

    Sierra Leone: Young innovators from Kenema clinch top prize in maiden edition of National Afinnovate Youth Challenge

    SLYDCL Executive Director, Habib T. Kamara gives a statement at the event in the Lumely Community Center, Grass Field on Monday, September 25, 2025. Image, Stephen 'Roman' Lahai, ManoReporters.

    KUSH: SLYDCL convenes outreach in Grass Field Community, Lumley

    Participants pose for a group photo after the opening courtesies of the high level Africa CDC engagement on Mental Health Law in Sierra Leone on Monday, September 15, 2025. Image, Steven 'Roman' Lahai, ManoReporters.

    Africa CDC convenes stakeholders meeting to mobilize support for Sierra Leone’s Mental Health Bill

    Stakeholders at the engagement in the conference hall of the National AIDS Secretariat in Freetown. Image, Stephen 'Roman' Lahai, ManoReporters.

    Campaigners renew call for action amid persistent drug crisis in Sierra Leone

    ECOWAS Health Ministers who met in a ministerial conference ahead of ELFIC2025 in Abidjan, Cote d'Ivoire. Image, WAHO.

    ELFIC2025: ECOWAS Health Ministers commit to advancing Lassa fever vaccine

    Trending Tags

  • Special Reports
  • Opinion
  • Sports
  • True or False
  • Interview
  • ManoReporters TV
  • Tender and Job
  • Election 2023
No Result
View All Result
  • Home
  • News
    • All
    • Business and Economy
    • Politics
    • Health
    • Sci-Tech
    • Regional
    • Culture
    Côte d’Ivoire’s democracy:  The high-stake battle for 2025

    Côte d’Ivoire’s democracy:  The high-stake battle for 2025

    Members of Team Kenema Water Supply pose with the symbolic cheque of USD3,000 after being declared winner of the maiden edition of the Sierra Leone Afinnovate Challenge in Bo City on Saturday, September 2025. Image, Emmanuel Kamara, ManoReporters.

    Sierra Leone: Young innovators from Kenema clinch top prize in maiden edition of National Afinnovate Youth Challenge

    SLYDCL Executive Director, Habib T. Kamara gives a statement at the event in the Lumely Community Center, Grass Field on Monday, September 25, 2025. Image, Stephen 'Roman' Lahai, ManoReporters.

    KUSH: SLYDCL convenes outreach in Grass Field Community, Lumley

    Participants pose for a group photo after the opening courtesies of the high level Africa CDC engagement on Mental Health Law in Sierra Leone on Monday, September 15, 2025. Image, Steven 'Roman' Lahai, ManoReporters.

    Africa CDC convenes stakeholders meeting to mobilize support for Sierra Leone’s Mental Health Bill

    Stakeholders at the engagement in the conference hall of the National AIDS Secretariat in Freetown. Image, Stephen 'Roman' Lahai, ManoReporters.

    Campaigners renew call for action amid persistent drug crisis in Sierra Leone

    ECOWAS Health Ministers who met in a ministerial conference ahead of ELFIC2025 in Abidjan, Cote d'Ivoire. Image, WAHO.

    ELFIC2025: ECOWAS Health Ministers commit to advancing Lassa fever vaccine

    Trending Tags

  • Special Reports
  • Opinion
  • Sports
  • True or False
  • Interview
  • ManoReporters TV
  • Tender and Job
  • Election 2023
No Result
View All Result
ManoReporters.com
No Result
View All Result

Sierra Leone: New policy requires mining companies, other large end users to import own fuel

Kemo Cham by Kemo Cham
May 12, 2022
in Business and Economy, News
0
Fuel scarcity: Freetown brought to a standstill by striking motorists

A-deserted-gas-station-in-Bo-southern-Sierra-Leone during recent shortage of fuel in the county.

Share on FacebookShare on Twitter

A new policy by the Sierra Leone government has directed mining companies and other commercial interests that consume huge quantities of fuel to important for themselves from next month.

ADVERTISEMENT

The government says all mining companies and other commercial end users enjoying fuel concessions have the options of either importing their own fuel or continue buying through the Oil Marketing Companies (OMCs) under a foreign currency denominated contract starting June 1.

The policy directive issued by the Ministry of Finance is part of the government’s approach to the ongoing crisis in the the petroleum downstream sector, which has been blamed on the ongoing war between Ukraine and Russia.

Russia, ranked as the world’s second largest oil producer, has come under multiple sanctions over its military operations in Ukraine, which western countries say was an aggression but which the Russians call preemptive action to protect its interests.

The war has had huge implications on the global market, especially manifested on the volatility of oil prices.

Russia is said to account for 53 percent of the petroleum products supplied to Sub Saharan Africa.

Countries like Sierra Leone have had to deal with incessant shortages, amid increase in prices which have had far reaching implication on the general standard of living.

The government and the OMCs have partly blamed the situation on the difficulty in accessing foreign currency to import petroleum products.

In a letter dated May 10 and addressed to the Minister of Trade and Industries and other relevant officials, Finance Minister Dr Dennis Vandi says the new policy was necessitated by the need to reduce pressure on the Bank of Sierra Leone (BSL) to provide foreign currency to the OMCs.

The statement says the move is part of “strategic decisions” being taken following discussions with stakeholders in the sector, including the petroleum importers themselves.

According to the ministry, as of the first quarter of 2022, forex support provided by BSL for the importation of petroleum products was estimated at US$24million. It adds that the Bank is currently considering a further support of US$35million.

Mining companies and other commercial end users are said to be the largest beneficiaries of the fuel procured, despite already benefiting from existing concessions.

Data provided by the ministry show that between January and March 2022, of the total uplift of diesel fuel of 62 million liters from OMCs, mining companies and other commercial users uplifted about 33 million liters, translating to 53 percent of the total.

“This implies that while government provides concessions to these agencies, they also enjoy non-pass-through cost as they are also heavily subsidized by the meagre resources of foreign support provided by the Bank of Sierra Leone with the aim of cushioning the retail market,” the statement reads in part. It warns that the situation could get serious with evidence that mining companies were stockpiling diesel fuel, thereby constraining supply to the ordinary citizens and small businesses.

Tags: Sierra LeoneRussiaPetroleum ImportationMining Companies
ADVERTISEMENT
Previous Post

Sierra Leone: Low male involvement in parenting hinder immunization uptake– say campaigners

Next Post

Sierra Leone: Police officers decry “rotten” rice supply

Kemo Cham

Kemo Cham

Next Post
Sierra Leone: Police officers decry “rotten” rice supply

Sierra Leone: Police officers decry "rotten" rice supply

Stay connected

  • Trending
  • Comments
  • Latest
State security forces man a checkpoint at an intersecition between State House and Siaka Steven Street in Freteown. Photo credit, Ishmail Kindama Dumbuya

Breaking: Sierra Leone gov’t says it ‘rebuffed’ attempted break into armory

November 26, 2023
Sarah Van Horne, Public Affairs Officer, US Embassy in Freetown. Photo credit, Courtesy.

Sierra Leone: US considering further actions after visa ban – Embassy spokeswoman

September 1, 2023
Anthrax Outbreak: Sierra Leone records first human cases

Anthrax Outbreak: Sierra Leone records first human cases

May 22, 2022
Former Guinea junta leader Moussa Dadis Camara and the two other close allies of his who are thought to have escaped from prison in Conakry on Saturday, November 4. Image by Guinea News.

Breaking! Guinea: Heavy gunfire reported in Kaloum, around central prison

November 4, 2023
Diabetes: The “Ticking Time Bomb” for Africa! Are we sitting on it?

Diabetes: The “Ticking Time Bomb” for Africa! Are we sitting on it?

0
Sierra Leonean on trial for war crimes in Liberia released

Sierra Leonean on trial for war crimes in Liberia released

0
Sierra Leone, France seek tighter cooperation

Sierra Leone, France seek tighter cooperation

0
Wellington Fire Disaster: Victims Benefit From Fullah Progressive Union Largesse

Wellington Fire Disaster: Victims Benefit From Fullah Progressive Union Largesse

0
Côte d’Ivoire’s democracy:  The high-stake battle for 2025

Côte d’Ivoire’s democracy:  The high-stake battle for 2025

October 5, 2025
Members of Team Kenema Water Supply pose with the symbolic cheque of USD3,000 after being declared winner of the maiden edition of the Sierra Leone Afinnovate Challenge in Bo City on Saturday, September 2025. Image, Emmanuel Kamara, ManoReporters.

Sierra Leone: Young innovators from Kenema clinch top prize in maiden edition of National Afinnovate Youth Challenge

September 30, 2025
SLYDCL Executive Director, Habib T. Kamara gives a statement at the event in the Lumely Community Center, Grass Field on Monday, September 25, 2025. Image, Stephen 'Roman' Lahai, ManoReporters.

KUSH: SLYDCL convenes outreach in Grass Field Community, Lumley

September 26, 2025
Participants pose for a group photo after the opening courtesies of the high level Africa CDC engagement on Mental Health Law in Sierra Leone on Monday, September 15, 2025. Image, Steven 'Roman' Lahai, ManoReporters.

Africa CDC convenes stakeholders meeting to mobilize support for Sierra Leone’s Mental Health Bill

September 16, 2025

Recent News

Côte d’Ivoire’s democracy:  The high-stake battle for 2025

Côte d’Ivoire’s democracy:  The high-stake battle for 2025

October 5, 2025
Members of Team Kenema Water Supply pose with the symbolic cheque of USD3,000 after being declared winner of the maiden edition of the Sierra Leone Afinnovate Challenge in Bo City on Saturday, September 2025. Image, Emmanuel Kamara, ManoReporters.

Sierra Leone: Young innovators from Kenema clinch top prize in maiden edition of National Afinnovate Youth Challenge

September 30, 2025
SLYDCL Executive Director, Habib T. Kamara gives a statement at the event in the Lumely Community Center, Grass Field on Monday, September 25, 2025. Image, Stephen 'Roman' Lahai, ManoReporters.

KUSH: SLYDCL convenes outreach in Grass Field Community, Lumley

September 26, 2025
Participants pose for a group photo after the opening courtesies of the high level Africa CDC engagement on Mental Health Law in Sierra Leone on Monday, September 15, 2025. Image, Steven 'Roman' Lahai, ManoReporters.

Africa CDC convenes stakeholders meeting to mobilize support for Sierra Leone’s Mental Health Bill

September 16, 2025
ADVERTISEMENT
Contact

info@manoreporters.com | Freetown, Sierra Leone

Contact

info@manoreporters.com | Freetown, Sierra Leone

© 2022 Powered by Manocommunication.com
No Result
View All Result
  • Home
  • News
    • Business and Economy
    • Politics
    • Health
    • Sci-Tech
      • Data
    • Regional
    • Culture
  • Special Reports
  • Opinion
  • Sports
  • True or False
  • Interview
  • ManoReporters TV
  • Tender and Job

© 2022 Powered by Manocommunication.com