The management of the Liberia Petroleum Refining Company (LPRC) in collaboration with the Ministry of Commerce and Industry yesterday announced a sharp increase in the prices of gasoline and fuel.
The new petroleum price ceiling which was jointly signed by the Managing Director of the LPRC, Prof. Sumo G. Kupee, and the Minister of Commerce and Industry , Axel Addy, took effect May 4, 2015.
The new prices according to LPRC were circulated using the Central Bank of Liberia (CBL) approved exchange rate of US$1 to L$85.
According to a statement from LPRC, the retail pump price for a gallon of gasoline has been increased from US$3.01 to US$3.16 (L$270) — a US$0.15 increment — while the retail pump price for a gallon of fuel is also been increased from US$3.06 to US$3.21 (L$270).
The decision to increase the prices of petroleum products is based on the upward change in the price of these products on the world market, which normally affects other pricing perimeters in Liberia.
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.