Due to the Global cause of Petroleum prices on the world market, the Liberia Petroleum Refining Company (LPRC) and the Ministry of Commerce and Industry have announced an increase in the prices of gasoline.
The new petroleum price ceiling, which was jointly signed by the LPRC Managing Director Sumo G. Kupee and the Commerce and Industry Minister Axel Addy, took effect July 5.
Petroleum price circular issued yesterday by LPRC indicates that the retail pump price for a gallon of gasoline has increased from US$2.98 to US$3.06 (representing a US$0.08 increment) or its Liberian dollar equivalent of L$290, while the retail pump price for a gallon of diesel has also increased from US$2.96 to
US$3.06 (representing a US$0.10 increment) or its Liberian dollar equivalent of L$290.
The new prices, according to LPRC, were circulated using the Central Bank of Liberia (CBL) approved exchange rate of US$1 to L$95.
The decision to increase the prices of petroleum products, according to LPRC statement, is a result of an upward shift in the perimeter that is usually used to determine the prices of products in the country.
The statement further thanked all stakeholders to the petroleum industry for their commitment in adhering to the price adjustment formula.
Henceforth, the circular has informed the public to cooperate with inspectors from the Ministry of Commerce who will closely monitor the approved ceiling to avoid arbitrary hikes.
The inspection exercise is to ensure that importers do not undercut fellow competitors on the market.