Government has announced the increase in prices of gasoline and diesel fuel on the Liberian market, with new prices indicating that a gallon of gasoline has increased from US$3.16 to US$3.26 or its equivalent in Liberian dollar.
Instead of L$325.00 per gas gallon, the new price is now L$340.00; while the retail price for a gallon of diesel fuel has increased from L$320.00 to L$340.00 in Liberian Dollars or their equivalent in US Dollars, respectively.
The Liberia Petroleum Refining Company or LPRC and the Ministry of Commerce and Industry say the new prices issued in Liberian dollars were calculated using the Central Bank's approved exchange rate of $1USD to LRD$104.00.
The new petroleum price took effect as of Monday, 6 March, the government says, adding that 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.
According to a release, the Ministry of Commerce inspectorate will closely monitor the approved prices to avoid the hike in the prices of and fuel on the local market. The release also says the Ministry of Commerce will be closely monitoring the effectiveness of the price circular to ensure that importers do not undercut fellow competitors on the market.