Sierra Leone Telegraph: 7 march 2020:
The old adage – ‘what goes up must come down’ came true in Sierra Leone yesterday, when fuel suppliers in the country decided to reduce prices just weeks after they were increased.
Yesterday’s drop in prices by an average Five Hundred Leones (Le500) per litre is in response to a fall in global market costs of crude oil, following the announcement by several industries to cut production as a result of the Coronavirus pandemic, which many fear may lead to another economic downturn, similar to that experienced in 2008.
According to a statement signed by the fuel companies yesterday, all pump prices have been adjusted downwards, with effect from Friday, 6th March 2020, with most fuel products now sold at Le8,500.
This expected to have a significant downward effect on inflation, as transportation and distribution costs make up a large proportion of consumer price index in Sierra Leone.
But some petrol stations are today sending out mixed and confusing messages to drivers about the price reduction at their forecourts. For example, the NP petrol station at Cotton Tree, Freetown is still showing petrol prices at Le9,000 on their boards, but some drivers say that they are charged the correct price of Le8,500 by the cashier.