Monrovia — The Government of Liberia through the Liberia Petroleum Refining Company (LPRC) and the Ministry of Commerce & Industry has announced the reduction 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 dropped from US$4.33 to US$4.18 or its Liberian dollar equivalent of 345.00 (which represent a fifteen cent reduction) while the retail pump price for a gallon of diesel fuel has fallen 4.36 to 4.26 or its Liberian dollar equivalent of 355.00 (which represents a reduction of ten cents).
The new Petroleum price ceiling circular which was jointly signed by the Minister of Commerce & Industry, Axel Addy and Liberian Petroleum Refining Company (LPRC) Managing Director T. Nelson Williams, II takes effect as of Wednesday, August 27, 2014.
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.