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HomeEconomyVP Juldeh Restores Sanity in the Oil Industry

VP Juldeh Restores Sanity in the Oil Industry

By: Juliana Vandy

 Strategic Communications Unit –MIC

The Vice President Honourable Dr. Mohamed Juldeh Jalloh has on Tuesday 24th August concluded an inspection tour of the All Petroleum Products Company’s facilities at the Oil Refinery Terminal in Kissy, Freetown.

Addressing staff of the All Petroleum Products Company, the Vice President Dr. Mohamed Juldeh Jalloh said the primary purpose of his visit was to urge all oil marketing companies to take advantage of the support and opportunity given to them by the government of Sierra Leone and encouraged them to work together to ensure stability in the supply and pricing of petroleum products in the country. He stated that government is making tremendous effort in ensuring price stabilization to the extent of reducing taxes for oil marketers to ensure that prices of petroleum products are stable in the country citing neighboring Guinea  where prices of petroleum products far exceed Sierra Leone’s. He added that in Sierra Leone government has taken proactive measure by reducing tariffs on Petroleum products to ensure that oil marketers are able to keep the prices stable. He said this also encourages new players in the oil sector, citing the All Petroleum Products company, as an example that will enable the country expand its strategic stock level which in turn will create more storage facilities in the country to help  cushion any external shocks like hike in prices in the international market. He described the petroleum sector as one of the most important sectors in the country that creates jobs, contribute to revenue generation and essentially provide one of the country’s most needed commodities.  Vice President Dr. Juldeh Jalloh emphasized the government’s commitment in supporting the petroleum sector, saying that they are treated seriously. He disclosed that His Excellency the President Julius Maada Bio cares about the sector, and that he we will continue to support them. He said the president and his government know that the sector is critical to the country’s economy and encouraged them to make good use of the support provided to the sector by government, and urged all the companies to work together to ensure sustained petroleum supply and price stability in the country that will in turn affect ordinary Sierra Leoneans positively. He reaffirmed government’s commitment to supporting all petroleum companies in the country in order to enhance a more conducive atmosphere for their operations.  Dr. Mohamed Juldeh Jalloh described the recent impasse between the National Petroleum (NP) Company and the All Petroleum Products (APP) Company as unfortunate since government has given them a level playing ground to operate and appealed to them to create a strategic partnership to enhance stability in the sector.

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