11 August 2017

Liberia: Petroleum Product Prices Increased

Refining Company ("LPRC") have announced with immediate effect an increase of two and four United States cents 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 has increased from US $3.05 to US$ 3.07 or its Liberian dollar equivalent of LRD$350.00 while the retail pump price for a gallon of diesel fuel has also increased from US$3.01 to US$3.05 or its Liberian dollar equivalent of LRD $350.00. The prices in Liberian dollars were calculated using the Central Banks approved exchange rate of 1USD to LRD$114.56

The new petroleum price circular issued by the Ministry of Commerce & Industry and the Liberia Petroleum Refining Company took effect as of Wednesday, August 2, 2017. 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.

The release thanked all stakeholders in the Downstream Sector of Petroleum Industry for their commitment in adhering to the price adjustment formula.

Comparative price analysis of petroleum products in selected countries in the sub region indicates that the prices of petroleum products in Liberia are among the lowest in the sub region.

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.


'Weah's Proposal of U.S.$25 Million to Stabilize Economy Not Meaningful,' Experts Say

Following President George Manneh Weah's address on the state of the Liberian economy yesterday, two financial and… Read more »

See What Everyone is Watching

Copyright © 2017 The NEWS. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 800 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.