The Government of Liberia through the Liberia Petroleum Refining Company (“LPRC”) and the Ministry of Commerce & Industry has announced an increase in the prices of gasoline on the Liberian market.
According to a petroleum price circular issued by the government, the retail pump price for a gallon of gasoline has increased from US$3.01 or its Liberian dollar equivalent of LD$295.00. to US$3.16 or its Liberian equivalent of LD325.00 While the retail pump price for a gallon of diesel fuel remains at US$3.13 or its Liberian dollar equivalent of $320.00. The prices in Liberian dollars were calculated using the Central Banks approved exchange rate of 1USD to LRD$103.00
The new petroleum price ceiling circular issued by Liberia Petroleum Refining Company and the Ministry of Commerce & Industry, took effect as of Tuesday, January 17, 2017. The decision to increase the price of gasoline is a result of a shift in the perimeter that is frequently used to determine the price of the product in the country.
The release thanked all stakeholders in the Downstream Sector of Petroleum Industry for their commitment in adhering to the price adjustment formula.
Meanwhile, the circular warned that the Ministry of Commerce inspectorate will closely monitor the approved ceiling prices to avoid the arbitrary hike in the pump prices of gasoline and fuel on the local market. The circular further warned that the Ministry will also be closely monitoring the effectiveness of the price circular to ensure that importers do not undercut fellow competitors on the market.