The Government of Liberia through the Ministry of Commerce & Industry and the Liberia Petroleum Refining Company (“LPRC”) has announced with immediate effect a twenty United States cents increase in both prices of gasoline and diesel (fuel) on the Liberian market.
According to a petroleum price circular released by LPRC on behalf of the government, the retail pump price for a gallon of gasoline is now being sold at US $3.61 or its Liberian dollar equivalent L$485 while the retail pump price for a gallon of diesel is now sold at the US$3.70 or its Liberian dollar equivalent L$495. The prices in Liberian dollars were calculated using the exchange rate of US$1 to L$134.
The reason for the change in the prices of gasoline and diesel fuel on the Liberian market is a result of an upward shift in the perimeters that are frequently used to determine the prices of these products in the country.
The release thanked all petroleum product stakeholders 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.