The Government of Liberia through the Liberia Petroleum Refining Company (LPRC) and the Ministry of Commerce and Industry has announced an increase in the prices of gasoline and diesel fuel on the Liberian market, according to a press release.
According to a petroleum price circular issued by the government, the retail pump price for a gallon of gasoline has increased from US$3.16 or its Liberian dollar equivalent of L$325 to US$3.26 or its Liberian equivalent of L$340, while the retail pump price for a gallon of diesel fuel has increased from US$3.13 or its Liberian dollar equivalent of L$320 to US$3.26 or its Liberian dollar equivalent of L$340. The prices in Liberian dollars were calculated using the Central Bank’s approved exchange rate of US$1 to L$104.
The new petroleum price ceiling circular issued by Liberia Petroleum Refining Company and the Ministry of Commerce and Industry took effect as of Monday, March 6. The decision to increase 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.
The release thanked all stakeholders in the downstream sector of the 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.