The Government of Liberia through the Ministry of Commerce & Industry and the Liberia Petroleum Refining Company (LPRC) has announced with immediate effect a US$0.12 (twelve United States cents) and US$0.13 (thirteen United States cents) increase in the prices of gasoline and diesel fuel respectively.
According to a petroleum price circular issued by the government, the retail pump price for a gallon of gasoline is now being sold at US$3.37 or its Liberian dollar equivalent of L$440, while the retail pump price for a gallon of diesel fuel is now sold at US$3.44 or its Liberian dollar equivalent of L$450.
The decision to increase the prices of gasoline and diesel fuel on the Liberian market is a result of a shift in the parameters 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 warned that the Ministry of Commerce's 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.