The Government announced a reduction of nine and ten United States cents in the prices of gasoline and diesel fuel respectively here Friday.
A statement which was issued by both the Ministry of Commerce and the Liberian Petroleum Refining Company says the retail pump price for a gallon of gasoline has dropped from US$3.14 or its Liberian dollar equivalent of LD$350.00 to US$3.05 or its Liberian equivalent of LD345.00 While the retail pump price for a gallon of diesel fuel has also decreased from US$3.11 or its Liberian dollar equivalent of $345.00 to US$3.01 or its Liberian dollar equivalent of LD340.00 The prices in Liberian dollars were calculated using the Central Banks approved exchange rate of 1USD to LRD$113.49
The new petroleum price circular issued by the Ministry of Commerce & Industry and the Liberia Petroleum Refining Company, took effect as of Wednesday, July 5th, 2017. The decision to drop the prices of gasoline and diesel fuel is a result of a shift in the perimeter that is 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.
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.