The Government of Liberia through the Ministry of Commerce and Industry and the Liberia Petroleum Refining Company (LPRC) has announced with immediate effect, reduction of fifteen United States cents (0.15¢) in the pump prices of gasoline (PMS).
The government also announces an increase of ten United States cents (0.10¢) in the pump prices of diesel fuel (AGO) on the Liberian market.
According to a press release issued over the weekend, the petroleum price circular issued by the government is the current retail pump price for a gallon of gasoline.
The pronouncement indicates that the retail pump price for a gallon of gasoline has dropped from US$3.30 to US$3.15 or its equivalent of LD$630.00, while the current retail pump price for a gallon of diesel fuel is increased to US$3.80 or its Liberian dollar equivalent of LD$760.00.
The release further adds that the prices in Liberian dollars were calculated using the Central Bank approved exchange rate of 1USD to LRD$200.00.
The decision is as a result of a shift in the perimeter that is frequently used to determine the prices of these products in the country.
Meanwhile the government has thanked all stakeholders in the Downstream Sector of Petroleum Industry for their commitment in adhering to the price adjustment formula.
However the circular warns 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 warns 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.-Press release