Monrovia, July 4, 2024 – The Ministry of Commerce & Industry, in collaboration with the Liberia Petroleum Refining Company (LPRC), has announced significant reductions in the prices of petroleum products, effective immediately.
This decision aims to alleviate the economic burden on consumers amidst recent price hikes.
In a joint statement issued by the Minister of Commerce & Industry and the Managing Director of LPRC, it was revealed that gasoline (PMS) prices have been lowered by ten United States cents (US$0.10) per gallon.
Similarly, the price of fuel oil (AGO) has also seen a reduction of ten United States cents (US$0.10) per gallon.
The revised wholesale prices set by LPRC are now US$3.90 for gasoline and US$4.43 for diesel.
At the retail level, consumers can expect to pay US$4.18 (equivalent to LRD 810.00) per gallon for gasoline and US$4.71 (equivalent to LRD 910.00) per gallon for diesel fuel.
These adjustments reflect the government’s effort to pass on savings to consumers following changes in global oil prices.
To ensure compliance and prevent arbitrary price increases, the Ministry of Commerce & Industry, in conjunction with the LPRC Inspectorate Team says, it will closely monitor the implementation of these new prices across all fueling stations nationwide.
Recent increases in petroleum product prices, which had seen gasoline prices reach as high as LRD $950.00 per gallon from informal vendors and LRD $920.00 from formal fueling stations in Monrovia and surrounding areas, had led to corresponding hikes in transportation fares.
The reduction in fuel prices is anticipated to ease this burden on commuters and businesses reliant on transportation services.
With the Ministry of Transport tasked with regulating transportation fares, there is now a heightened expectation for close collaboration with the Ministry of Commerce to ensure that reductions in fuel costs translate into lower transportation fares for the benefit of all Liberians.
About months ago, government face public scrutiny when in less then two weeks in office, the Managing Director, Amos Tweh of the Liberia Petroleum Refinery Company (LPRC), and Amin Modad, Minister of Commerce jointly announced the increment of gasoline and fuel pump prices.
In a release issued by then, the Ministry of Commerce and Industry, in collaboration with the Liberia Petroleum Refining Company (LPRC), stated that it had adjusted the prices of gasoline (PMS) and fuel oil (AGO) to reflect international market rates by four United States Cents in the pump price of Gasoline while fuel oil price is now increased by twenty-two United States Cents.
The move created misfiling across the Capital Monrovia, owing to the ‘RESCUE MISSION’, promising to bring economic stability to the country.
According to that release, the new wholesale and retail prices was at US$4.73 and US$4.15 for gasoline, with corresponding pump prices of US$4.43/LD850.00 and US$5.01/960.00LD respectively.
But with the government’s current proactive stance in adjusting fuel prices reflects its commitment to economic stability and consumer welfare.
As Liberians strive for good governance, these measures are pivotal in mitigating inflationary pressures and supporting sustainable economic growth.
By: G. Watson Richards
