Liberia’s Commerce Ministry in consultation with the Liberia Petroleum Refining Company (LPRC) has announced adjustments in the prices of petroleum products.
A new price circular dated 7 September 2022 says the price of gasoline (PMS) has been adjusted by US0.25 cents, while the price of fuel oil (AGO) is adjusted by US0.20 cents effective 9 September 2022.
“These changes are based on the international prevailing market rate and the exchange rate, which falls in line with the Government’s commitment to making products available and affordable at all times,” the Ministry said.
The new price circular sets wholesale selling price for gasoline at US$5.29, and retail pump price at US$5.47 or LRD$840.00.
It also sets the wholesale selling price for fuel oil at US$5.51, and retail pump price at US$5.69 or LTD$875.00.
Additionally, the selling price set for Jet A – 1 fuel is US$6.33, while US$1,155.40 per metric ton has been set as the selling price for heavy fuel oil (HFO).
The Ministry of Commerce says its inspectorate team will be closely monitoring the approved ceiling prices to avoid arbitrary hikes in the pump prices of gasoline and fuel oil on the local market.
It added that it will also be monitoring the effectiveness of the price circular to ensure that importers do not undercut fellow competitors on the market.