The Government of Liberia through the Ministry of Commerce and Industry and the Liberia Petroleum Refining Company (LPRC) has once again made considerable adjustments in the prices of petroleum products, reducing with immediate effect the pump prices of gasoline and fuel oil on the market, by ten and six United States cents respectively.
The decision, which takes effect as of the signing and releasing of the circular by Commerce Minister Axel M. Addy and the LPRC Managing Director Sumo Kupee, said the retail pump price for a gallon of gasoline has dropped from US$3.24 or its Liberian dollar equivalent of L$340, to US$3.14 or its Liberian equivalent of L$350.
The retail pump price for a gallon of diesel fuel has also decreased from US$3.17 or its Liberian dollar equivalent of L$340 to US$3.11 or its Liberian dollar equivalent of L$345.
The prices in Liberian dollars were calculated using the Central Bank of Liberia approved exchange rate of US$1to L$111.59
The new petroleum price circular issued by MOCI and LPRC, took effect as of Tuesday, May 30, 2017. The decision to drop the prices of gasoline and diesel fuel is a result of a shift in the perimeter that is frequently used to determine the prices of these products in the country.
The release thanked all stakeholders in the downstream sector of the petroleum industry for their commitment in adhering to the price adjustment formula.
Comparative price analysis of petroleum products in selected countries in sub region indicates that the prices of petroleum products in Liberia are among the lowest in the sub region.
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 of Commerce will also be closely monitoring the effectiveness of the price circular to ensure that importers do not undercut fellow competitors on the market.