The Government of Liberia through the Ministry of Commerce & Industry and the Liberia Petroleum Refining Company ("LPRC") has announced with immediate effect reduction of fifteen (0.15¢) United States cents in the pump prices of gasoline (PMS) and an increase of ten (0.10¢) United States cents in the pump prices of diesel fuel (AGO) on the Liberian market.
According to a petroleum price circular issued by the government, the current retail pump price for a gallon of gasoline has dropped from 3.30 to US$3.15 or its Liberian equivalent of LD630.00, while the current retail pump price for a gallon of diesel fuel is increased to US$3.80 or its Liberian dollar equivalent of LD760.00.
The prices in Liberian dollars were calculated using the Central Banks approved exchange rate of 1USD to LRD$200.00
The new petroleum price circular issued by the Ministry of Commerce & Industry and the Liberia Petroleum Refining Company, took effect as of Friday, July 12, 2019. The decision of the drop and increase in the prices of gasoline and diesel fuel is as 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.
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.