Government of Liberia Approves Petroleum Product Prices Increment

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The Government of Liberia through the Ministry of Commerce & Industry (MOCI) and the Liberia Petroleum Refining Company (LPRC) has announced with immediate effect increase in the prices of gasoline and diesel fuel on the Liberian market.

According to a petroleum price circular issued by the government, the retail pump price for a gallon of gasoline has increased from US$3.55 or its Liberian dollar equivalent of LD$540.00 to US$3.70 or its Liberian equivalent of LD580.00 While the retail pump price for a gallon of diesel fuel has also increased from US$3.70  or its Liberian dollar equivalent of $560.00 to US$3.95 or its Liberian dollar equivalent of LD615.00. The prices in Liberian dollars were calculated using the Central Banks approved exchange rate of 1USD to LRD$156.00

The new petroleum price circular, which took effect Tuesday, October 30, explained that the decision to increase the prices of gasoline and diesel fuel is a result of a shift in the parameters that are frequently used to determine the prices of these products in the country.

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

Country

Price Per Gallon

Gasoline

Diesel Fuel

Liberia US$3.70 US$3.95
Guinea US$4.15 US$4.15
Sierra Leone US$3.61 US$3.61
Ivory Coast US$4.03 US$3.97
Ghana US$4.12 US$4.28

The circular warned 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.

Meanwhile, President Weah nominates Archie Dumoe as Director General of the Liberia Petroleum Regulatory Authority. the nomination may be subject to confirmation by the Honorable Liberian Senate if applicable.

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