The Government of Liberia has reduced pump prices affecting petroleum products on the market.
The price ceiling set by Ministry of Commerce and Industry, in close consultation with the management of the Liberia Petroleum Refining Company (LPRC), reduced the price of gasoline by fifteen United States Cents (US$0.15) while fuel oil (AGO) has been reduced by twenty United States Cents (US$0.20), respectively.
For Gasoline, the wholesale price is set for US$ 3.70 per gallon, while it’s retails is set for $USD3.98. The Ministry of Commerce in consultation with Liberia Petroleum Refining Company (LPRC) also regulated the price of fuel by US$4.03 for wholesale , and US$ 4.31 retail per gallon.
In a release issued, the government says the rate used is the Central Bank of Liberia Exchange Rate of LD195.00-1USD. This indicates that the prices of these petroleum products may vary depending on the dynamics in the exchange rate between the United States Dollars ($USD)and the Liberian Dollars ($LRD).
According to the release, the Ministry of Commerce and Industry Inspectorate Team will be closely monitoring the approved ceiling prices to avoid arbitrary hikes in the pump prices of gasoline and fuel oil on the local market.
The release furthered that the Ministry will also be closely monitoring the effectiveness of the price circular to ensure importers do not undercut fellow competitors on the market. The release signed by Amin Modad and Amos Tweh, both of whom are heads of the Ministry of Commerce and Industry and the Liberia Petroleum Refining Company (LPRC) respectively, will now ease the burden of high prices of petroleum products on the Liberian Market.
The government through these regulatory bodies is utilizing the term: “GROW” which implies, making Good policy for trade, Revitalizing the economy, Opening up the Private Sector and facilitating Work opportunities for the future. This is the second time the instructions in their collaboration have announced set price ceiling for petroleum products on the Liberian market.
It can be recalled the in June of this year, 2024, the Ministry of Commerce (MoC) and the Liberia Petroleum Refinery Corporation (LPRC), announced reduction in fuel prices. Effective June 6th, 2024, the pump prices for gasoline and diesel have been decreased by ten and twenty United States cents respectively, marking a welcome relief for consumers across the nation.
Under the leadership of the Boakai administration, the initiative to lower fuel prices demonstrates a commitment to economic stability and affordability for Liberian households. Upon assuming office, the pump price for gasoline stood at US$4.47, which has now been adjusted to US$4.28. Similarly, diesel prices, previously at US$5.23, have been reduced to US$4.81.
This move is poised to positively impact the daily lives of Liberians, easing transportation costs and overall living expenses.
The new price ceiling for petroleum products in Liberia reflects the collaborative efforts between the Ministry of Commerce and Industry and the management of LPRC.
Gasoline prices (PMS) have seen a decrease of ten United States Cents, while fuel oil (AGO) prices have been slashed by twenty United States Cents. The wholesale and retail prices now stand at US$4.53 and US$4.00 for fuel oil, and US$4.81 and US$4.28 for gasoline respectively.
