Monrovia, Liberia – The Ministry of Commerce and Industry, in collaboration with the Liberia Petroleum Refinery Company, announced a new price ceiling for petroleum products in Liberia, effective February 6, 2025.
According to a release issued on Thursday, February 6, 2025, after close consultations with the Liberia Petroleum Refining Company (LPRC) and the Ministry of Commerce, fuel oil and gasoline prices have been increased by five United States cents ($0.05).
The new price structure is as follows:
Wholesale Selling Price:
Gasoline (PMS): US$3.68
Fuel Oil (AGO): US$3.98
Retail Pump Price:
Gasoline (PMS): US$3.96 / 790.00 LD
Fuel Oil (AGO): US$4.26 / 850.00 LD
The release noted that these prices are based on the Central Bank of Liberia (CBL) exchange rate of February 3, 2025, which places the value of 1 USD at LD198.82.
The Ministry of Commerce and Industry said their Inspectorate Team will closely monitor the market to ensure the approved ceiling prices are adhered to.
This move aims to prevent arbitrary hikes in fuel prices at local pumps, ensuring fairness for consumers.
Additionally, the Ministry stated that they would monitor the competitive practices of importers to ensure that no one undercuts fellow competitors in the market, preserving healthy competition within the sector.
Magdalene Ellen Dagoseh, Minister of Commerce & Industry, emphasized the importance of this policy as part of the government’s ongoing commitment to sustaining the growth of trade, revitalizing the Economy, and opening up new opportunities for the private sector.
Amos B. Wen, Managing Director of the Liberia Petroleum Refining Company (LPRC), expressed confidence that these adjustments would support the long-term stability of Liberia’s petroleum market.
The new price structure is expected to impact the cost of living and the transportation sector, but the Ministry remains dedicated to fostering a transparent, stable, and competitive market.
