The Ministry of Commerce and Industry, in close consultation with the management of the Liberia Petroleum Refining Company (LPRC), has announced a reduction in pump prices of gasoline and diesel (fuel oil) on the Liberian market.
The reduction is quite good news for the entire country as there would be a boost to the transport and other sectors involved in the use of petroleum products as it relates to reduction in prices, several commercial drivers told the Daily Observer yesterday.
In a price circular signed by Commerce Minister Axel M. Addy and LPRC Managing Director Sumo Kupee, the price of gasoline has been reduced from US$3.06 to US$2.91 or its Liberian dollar equivalent of L$275 (which represents a US$0.15 cent reduction) while the retail pump price for a gallon of diesel has also decreased from US$3.08 to U$2.98 or its Liberian dollar equivalent of L$280.
The prices in Liberian dollars were calculated using the Central Banks’ approved exchange rate of US$1 to L$94.
The new petroleum price ceiling circular issued yesterday by LPRC and Commerce took effect as of Monday, August 1. The decision to reduce the prices of petroleum products on the market, according to them, is a result of a downward shift in the perimeter that is usually used to determine the prices of products in the country.
The LPRC statement expressed gratitude to all stakeholders, particularly those in the downstream sector of the petroleum industry, for their commitment to adhering to the price adjustment formula.
Meanwhile, the Ministry of Commerce Inspectorate Team will be closely monitoring the approved petroleum price structures to avoid any arbitrary hike in the pump price on the market.