Claim: The Petroleum Regulatory Agency announces a reduction in fuel price for October 2024.
Verdict: TRUE
Context: Several media outlets and online platforms have circulated reports that the Petroleum Regulatory Agency (PRA) of Sierra Leone had announced a reduction in fuel prices for the month of October. The announcement has sparked public interest due to the recent trend of declining prices in the fuel market, marking a consecutive series of reductions.
Evidence: To verify the claim, Sierra Check reached out to the Communications Department of the Petroleum Regulatory Agency. The department confirmed that a press release was issued by the agency, announcing the revised fuel prices for October 2024. The same press release was made available on the official website of the PRA, further confirming the authenticity of the information.
According to the press release dated 1st October 2024, the PRA completed its collation and computation of the maximum retail prices of petroleum products for the month. The report detailed that the global oil market had shown recovery in September 2024, with stable global prices and a stronger Leone against the US dollar, which ultimately contributed to the reduction in domestic pump prices.
The new prices, effective 2nd October 2024, are as follows: Petrol: NLe 27.30, Diesel: NLe 27.40, Kerosene: NLe 25.03, Fuel Oil: NLe 25.11
The price cut is driven by an over-recovery of prices for petrol, diesel, fuel oil, and kerosene. The following adjustments were also made: A Price Correction Levy of NLe 0.24 for petrol and NLe 0.18 for diesel. Contributions to a Debt Recovery Fund: NLe 0.20 for petrol and NLe 0.06 for diesel. Reallocation of NLe 0.50 from both petrol and diesel sales to the Infrastructural Development Fund.
The press release emphasized that fuel dealers are allowed to sell below the approved prices but must not exceed them. Detailed price breakdowns and computations can be found on the PRA's official website.
Conclusion: The claim that the Petroleum Regulatory Agency has announced a reduction in fuel prices for October 2024 is TRUE. The PRA has provided official confirmation through a press release and its website, reflecting adjustments in the global oil market and local currency strength.
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