For the first time in several years, the Ministry of Commerce and Industry, in close consultation with the management of the Liberia Petroleum Refining Company, (LPRC) has announced a reduction of pump prices of gasoline to L$295.
The latest reductions in the pump prices of gasoline (PMS) and fuel oil (AGO) is set at 25 and 15 cents respectively.
This means, the wholesale price for gasoline is US$3.38 cents and fuel oil is US$3.53 cents, while the pump price for gasoline is US$3.56 or L$295 and fuel oil is US$3.71 or L$310.
The reduction takes immediate effect as of last Thursday, November 27, 2014, a circular signed by the Minister of Commerce and Industry, Axel Addy, and LPRC Managing Director, T. Nelson Williams, II confirmed the reductions in the prices.
It can be recalled that this is the fourth month in a row that the prices of gasoline and fuel oil have dropped by the government through the Ministry of Commence and the management of the LPRC.