Government of Liberia Approves Petroleum Product Prices Increment

Reporter
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The Government of Liberia has announced with immediate effect increase in the prices of gasoline and diesel fuel on the Liberian market.


According to a petroleum price circular issued by the government, the retail pump price for a gallon of gasoline has increased from US$3.55 or its Liberian dollar equivalent of LD$540.00 to US$3.70 or its Liberian equivalent of LD580.00 While the retail pump price for a gallon of diesel fuel has also increased from US$3.70 or its Liberian dollar equivalent of $560.00 to US$3.95 or its Liberian dollar equivalent of LD615.00. The prices in Liberian dollars were calculated using the Central Banks approved exchange rate of 1USD to LRD$156.00
The new petroleum price circular issued by the Ministry of Commerce & Industry and the Liberia Petroleum Refining Company, takes effect today Tuesday, October 30, 2018. The decision to increase the prices of gasoline and diesel fuel is a result of a shift in the parameters that are 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 sub region indicates that the prices of petroleum products in Liberia are among the lowest in the sub region.

Country
Price Per Gallon

Gasoline
Diesel Fuel

Liberia
US$3.70
US$3.95

Guinea
US$4.15
US$4.15

Sierra Leone
US$3.61
US$3.61

Ivory Coast
US$4.03
US$3.97

Ghana
US$4.12
US$4.28

Sources: globalpetrolprices.com
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.
Published by
Liberia Petroleum Refining Company (LPRC)

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About Post Author

Reporter

Reuben Sei Waylaun Managing Editor A trained Liberian journalist and Administrator with over eight active years in mainstream media. He has worked with both the electronic and print media as radio producer, newscaster, reporter, News Editor, Editor-In-Chief, and Managing Editor respectively. He has a very good understanding of the Liberian media and very good working relations with media houses across the country and good at lobbying with his peers and above at all times. Reuben is a graduate of the University of Liberia with BPA in PUBLIC ADMINISTRATION & MANAGEMENT with emphasis in Development Planning Administration & Public Policy. In Management, he has emphasis in Human Resource management, Small Business Management and Business law respectively
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