- The Government of Liberia, through the Liberia Petroleum Refining Company (LPRC), has cautioned Liberians to prepare for a potential rise in the prices of petroleum products as global market pressures intensify.
Officials say the anticipated increase is driven by rising international petroleum prices linked to instability in the global energy market. The government, through the Ministry of Commerce and Industry (Liberia) in collaboration with LPRC, recently issued a price circular after observing growing volatility largely associated with geopolitical tensions in the Middle East, one of the world's key oil-producing regions.
Prior to the announcement, authorities held consultations with petroleum importers, distributors, and other industry stakeholders to evaluate how global price fluctuations could affect Liberia's domestic fuel market and supply chain.
Earlier in March 2026, the government announced that fuel prices would remain stable, with the retail pump price for gasoline at approximately US$4.02 per gallon and for fuel oil at US$4.33 per gallon, based on international price benchmarks and the exchange rate used by the Central Bank of Liberia.
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However, authorities later approved a temporary increase of about US$0.55 per gallon for diesel, while keeping gasoline prices unchanged. Officials said the adjustment became necessary due to mounting global market pressure and concerns about potential supply disruptions.
Speaking on OK FM's Morning Rush program on Monday, March 9, 2026, LPRC Managing Director Amos B. Tweh said the ongoing global crisis is already impacting refinery operations and energy infrastructure, particularly in the Middle East, where Liberia and many other African countries source petroleum products.
Tweh pointed to recent developments in Tehran, Iran, where reported strikes on oil refineries have heightened fears of disruptions to global supply.
"As a country, we have to brace ourselves for a surge in the prices of petroleum products globally. Even oil-producing nations have increased their pump prices," Tweh stated.
He explained that within just two days of the escalating conflict, international market prices surged significantly. Prices for PMS (gasoline) and diesel, which were previously below US$700 per metric ton, have now risen to over US$1,000 per metric ton, while the price of crude oil has surpassed US$100 per barrel.
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According to Tweh, Liberia, as a non-oil-producing country, will inevitably be affected by these global market developments.
"This means Liberia will have to prepare itself," he said, noting that the government's immediate priority is to ensure the availability of petroleum products nationwide.
Authorities said the price circular and public warning are intended to protect consumers from sudden price shocks, maintain adequate national fuel supply, prevent hoarding by dealers, and stabilize the economy, as petroleum prices directly affect transportation, food costs, and electricity generation.
The government has also assured Liberians that the country currently has petroleum stock, adding that fuel prices will continue to be reviewed monthly based on international market conditions.
Meanwhile, analysts note that Iran plays a significant role in the global oil market. As a key member of the Organization of the Petroleum Exporting Countries (OPEC), the country produces between 3 and 4 million barrels of oil per day, representing roughly 4% of global oil supply.
With some of the world's largest oil and natural gas reserves, any disruption to Iran's energy sector can quickly ripple through the international market, affecting fuel prices worldwide, particularly in countries like Liberia that rely heavily on imported petroleum products.
