The Ministry of Commerce and Industry in consultation with the management of the Liberia Petroleum Refining Company (LPRC), has announced that there will be a further reduction in the pump price of fuel oil or Automotive Gas & Oils (AGO) by US$0.15 cents, while the price of gasoline or Premium Motor Spirit (PMS) remains the same.
In previous retail prices, from February 26 to March 26, wholesale price was USD3.0 and retail was USD3.21 (LD270).
The pronouncement which took effect last Friday, March 28, means the wholesale price for gasoline is now US$2.88 and fuel oil is US$2.83, while the pump price for gasoline is US$3.06 or its Liberian dollar equivalent of LD260, and fuel oil is US$3.01 or the equivalent of LD260.
The statement said the exchange rate was used based on the end of month exchange rate communicated directly by the Central Bank of Liberia.
The Ministry of Commerce inspectorate team will be closely monitoring the approved ceiling prices to avoid arbitrary hiking in the pump prices of gasoline and fuel oil on the local market.
The data reported is gathered based on assessment of import documents which include commercial invoices, assessment notices, single administrative documents, clean report of findings and targeted market sample surveys.
According to the Ministry, the prices will be closely monitored on the effectiveness of the price circular to ensure that importers do not undercut fellow competitors on the market.
The Commerce Today Monthly Critical Commodities Bulletin is a product of the Ministry of Commerce and Industry developed to inform the public on key commodities inventory and pricing on a monthly basis.