The Ministry of Commerce and Industry in close consultation with the management of the Liberia Petroleum Refining Company (LPRC), has with immediate effect, announced another reduction in the pump prices of gasoline and diesel by 25 cents each.
The circular confirming the price reductions was signed by the Minister of Commerce and Industry, Axel Addy, and LPRC Managing Director, T. Nelson Williams, II respectively, and took effect as of Tuesday, October 28, 2014.
The reduction in these petroleum products came about as a result of the price on the world market. The Ministry release further indicated once the prices of these products drop, the ministry will also act upon it.
This is the third time in a month that the prices of gasoline and diesel have been decreased, the statement said.
According to the LPRC management, this means the wholesale price for gasoline is US$3.63 cents, and diesel is put at US$3.68 cents, while the pump price for gasoline is US$3.81 (L$325), and diesel is US$3.86 (L$330).