Liberia: Govt Approves 50,000-Metric-Ton Fuel Storage Facility

Monrovia, July 2, 2026 - President Joseph Nyuma Boakai has approved a proposal by the Liberia Petroleum Refining Company (LPRC) to construct a 50,000-metric-ton petroleum storage facility, a move the government says will strengthen Liberia's fuel security and expand its strategic petroleum reserves.

The project, approved following the submission of LPRC's 2025 Annual Report, First Quarter 2026 Performance Report, and a proposal for the expansion and modernization of the company's product storage terminal, is intended to improve the country's capacity to maintain a steady supply of petroleum products.

Liberia relies entirely on imported refined petroleum products, leaving domestic fuel supplies vulnerable to fluctuations in international oil prices, exchange rates, shipping costs, and other global market conditions.

The proposal was presented to President Boakai by the LPRC's management and Board of Directors during a meeting at the Executive Mansion on June 22, 2026.

Speaking at the Ministry of Information's regular press briefing, Information Minister Jerolinmek Matthew Piah announced that the President had approved the proposal, authorizing the LPRC to begin implementation of the project.

According to Piah, the additional storage capacity will strengthen the country's strategic fuel reserves, improve fuel security, reduce the risk of supply disruptions, and enhance Liberia's ability to maintain a consistent and reliable supply of petroleum products.

He said the project is also expected to generate additional government revenue through import levies and sales taxes once operational.

The government, however, did not state that the new storage facility would stabilize pump prices during periods of global market volatility. Instead, it emphasized that the project is intended to improve fuel availability and reduce the risk of supply interruptions.

Liberia has periodically adjusted fuel pump prices under its petroleum pricing formula in response to changes in international oil prices, movements in the exchange rate between the Liberian and U.S. dollars, and fluctuations in import and transportation costs. Under both the administrations of former President George Weah and President Boakai, pump prices have risen and fallen in line with global market conditions.

Read the original article on New Dawn.