The Ministry of Commerce, has in consultation with the management at the Liberia Petroleum Refinery Company (LPRC) reached a decision reducing prices for gas (PMS) and Fuel (AGO), with immediate effect.
According to a press release from the Ministry of Commerce, the price of gasoline has been reduced by US$35 cent while the price of fuel has been reduced by US$30 cent, respectively.
As a result of the reductions announced Sunday, 19 April by the Ministry in consultation with LPRC, the wholesale price for gas is now US$2.77, while retail pump price for gas has been dropped to US$2.95 or its equivalent of LD$580.
Additionally, the Ministry in consultation with LPRC, has reduced the wholesale price for fuel to US$3.32, and further reduced the retail pump price for fuel to US$3.50 or its equivalent of LR$690.
The Ministry of Commerce says it uses the Central Bank of Liberia (CBL) exchange rate of US$1 to LD$197 to set the various prices announced in the release.
The ministry indicates that it is closely monitoring the new price circular to ensure that importers do not undercut fellow competitors on the market.It concludes that the new price circular has already taken effect. Press release