The Government of Liberia is expected to announce a reduction in the price of petroleum products here this week, Commerce Ministry officials have said.
The price of the commodity has fallen sharply on the global market due in part to the increasing production and the lockdown of countries around the world which has lessen the demand for petroleum products.The current price of a gallon of gasoline on the local market here is USD3.30, while diesel is sold for USD3.80.
The announcement would come at the time there is a reported shortage of petroleum product on the local market with long queues being at filling stations for more than two weeks now. This is the second time the country is experiencing the shortage of gasoline products in less than two months.
In mid-January to early March this year, the country experienced one of its worst form of gasoline shortage forcing authorities here to send fleet of tankers to neighboring Sierra Leone for supply.
At the end of that crisis, the Liberian Petroleum Refining Company (though it has not been able to refine or import any products in years) Managing Director Marie-Urey-Coleman told Senators on Capitol Hill that the product then could only last for 48 days.
Commerce Minister Wilson Tarpehjust before the current crisis few weeks ago warned the public to brace itself for the shortage of gasoline on the market within 9 days. Officials from the LPRC debunked his warning claiming that his pronouncement had triggered panic buying.
However, despite the LPRC’s claim, there have been long queues at filling stations, with many of the operators erecting “No Gas” signage at their entrances.
Meanwhile, Commerce Minister Tarpeh says the new price to be announced will see a downward drop in the price of the product. He says the pronouncement is expected to be made on Wednesday this week.