Bio Receives Annual Report from Petroleum Regulatory Agency, Calls for Further Reforms

On Friday 12 July 2024 – His Excellency President Dr. Julius Maada Bio received the annual report from the Petroleum Regulatory Agency (PRA) and called for additional reforms to enhance the sector’s performance.

Executive Chairman of PRA, Brima Baluwa Koroma, presented the report, highlighting the agency’s responsibilities, achievements, challenges, and plans. He noted that the PRA had implemented various reforms based on previous directives from the President, resulting in a 128% increase in revenue and a 52% growth in the importation of petroleum products. Despite a national storage target of 500,000 metric tons, the current capacity stands at approximately 230,000 metric tons.

Mr. Koroma dedicated the agency’s successes to President Bio and praised the staff for their dedicated service.

President Bio thanked the PRA team for their efforts and emphasized the sector’s sensitivity and its impact on every individual. He commended the review of the pricing formula and the increased storage capacity, highlighting the sector’s revenue growth as 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,” President Bio concluded.