Petroleum Price Reduces to L$330, US$3.13

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The Ministry of commerce and Industry, in consultation with the management of the Liberia Petroleum Refining Company (LPRC), has announced with immediate effect the reduction in the prices of gasoline and diesel on the Liberian market.

According to a petroleum price circular issued by the government, the retail pump price for a gallon of gasoline has dropped from US$3.26 or its Liberian dollar equivalent of L$340 to US$3.13 or its Liberian equivalent of L$330.

MOCI also said the retail pump price for a gallon of diesel fuel has also decreased from US$3.26 or its Liberian dollar equivalent of L$340.00 to US$3.15 or its Liberian dollar equivalent of L$335.

Commerce and LPRC said the prices in Liberian dollars were calculated using the Central Bank’s approved exchange rate, which stands as US$1 to L$106.

The new petroleum price circular issued by the Ministry of Commerce & Industry and the Liberia Petroleum Refining Company took effect as of Monday, April 3, 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.

They lauded all stakeholders in the downstream sector of the petroleum industry for their commitment in adhering to the price adjustment formula.

Meanwhile, the Ministry of Commerce’s 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.

Comparative price analysis of petroleum products in selected countries in the sub-region indicates that the prices of petroleum products in Liberia are among the lowest.

 

Country

Price Per Liter Price Per Gallon
Gasoline Diesel Fuel Gasoline Diesel Fuel
Liberia US$0.82 US$0.83 US$3.13 US$3.15
Guinea US$0.85 US$0.85 US$3.23 US$3.23
Sierra Leone US$0.50 US$0.50 US$1.89 US$1.89
Ivory Coast US$0.98 US$0.98 US$3.50 US$3.50
Ghana US$0.96 US$0.96 US$3.62 US$3.62

Sources: globalpetrolprices.com

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