28 June 2012

Liberia: Gov't Reduces Gas Price

The Government of Liberia through the Ministry of Commerce has reduced the price of petroleum products on the Liberian market. The Ministry in consultation with the management of the Liberia Petroleum Refinery Company (LPRC) said it has with immediate effect decreased the wholesale and retail pump prices of gasoline, diesel and kerosene on the Liberian Market.

According to the Ministry of Commerce release, there is a US$0.40 cents decrease in the price of gasoline, diesel, Jet A-1 and AKT. The ministry said the new wholesale and retail prices of gasoline is US$3.99 and US$4.17/L$315 while diesel is US$4.18 and US$4.36/L$330. The new wholesale and retail kerosene/Jet A-1 is now US$4.17 and US$4.35/330 respectively.

The new price structures petroleum products will be broadly regulated by the Ministry of Commerce and Industry Inspectorate Division to avoid any arbitrary price hike on the market.But want remains unclear is whether transportation prices will reduce following the decrease in the price of petroleum products. Some Liberians who spoke to this paper wants the Ministry of Transport reduce transportation fairs across the country.Recently, the Executive Governor of the Central Bank of Liberia, Dr. Mills J. Jones told members of the House of Representatives that inflation in Liberia is blamed on the high price of petroleum product on the world market.

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