By PRA Media & Public Relations Department
On April 24, 2024, the Deputy Executive Chairman of the Petroleum Regulatory Agency, Mr. Alfred M Kobba, acting on behalf of his astute boss, Mr. Brima Baluwa Koroma, updated the delegation from the International Monetary Fund (IMF) and the Ministry of Finance on some of the Agency's strategic roadmap in the last five years.
The Deputy Executive Chairman gave a detailed and comprehensive overview of the Agency, highlighting some of the major gains and bottlenecks that the Agency continues to face despite numerous efforts being made to surmount those challenges. He noted that the current management at the Petroleum Regulatory Agency is working assiduously to maximize some of the prevailing economic challenges that citizens face when it comes to the consumption of petroleum products.
He emphasized that foreign exchange rates and Platt are the two main determinants of price adjustments, adding that without those two determinants, the Agency will not be poised for unreasonable price adjustments, which have the tendency to subvert the ruling government since petroleum products are considered political commodities in every part of the world.
Mr. Kobba told the visiting team that the agency is not determining price adjustments holistically but in accordance with the Oil Market Companies (OMCs) and other relevant stakeholders within the industry. He noted, however, that PRA regulates the standards of OMCs and all petroleum dealers.
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