The Government of Liberia through the Ministry of Commerce & Industry and the Liberia Petroleum Refining Company (“LPRC”) has announced with immediate effect an decrease of six United States cents in the price of gasoline and diesel fuel price remained the same.
According to a petroleum price circular issued by the government, the retail pump price for a gallon of gasoline has decreased from US$3.31 to US$3.25 or its Liberian dollar equivalent L$400.00 while the retail pump price for a gallon of diesel fuel remains at US$3.31, or its Liberian dollar equivalent L$410.00. The prices in Liberian dollars were calculated using the Central Banks approved exchange rate of 1USD to L$123.39.
The new petroleum price circular issued by the Ministry of Commerce & Industry and the Liberia Petroleum Refining Company took effect as of Tuesday, November 14, 2017. The decision to decrease the price of gasoline is a result of a shift in the perimeter that is frequently used to determine the price of gasoline in the country.
The release thanked all stakeholders in the Downstream Sector of Petroleum Industry for their commitment in adhering to the price adjustment formula.
Meanwhile, the circular warmed that the Ministry of Commerce 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.