Petroleum Prices Fall For 2nd Time in Row

Stakeholders in the petroleum industry here have for the second time in roll announced the reduction in the pump prices of gasoline and fuel oil on the Liberian market.

In a statement issued Sunday, the Ministry of Commerce in closed Consultation with the Liberia Petroleum Refining Company or LPRC said the reduction would be a boost to the transport and other sectors involved in the use of petroleum products as it relates to reduction in prices.

In a price circular signed by Commerce Minister Axel M. Addy, and the LPRC Managing Director T. Nelson Williams, II the price of gasoline is reduced by US0.15 cents and fuel oil by US0.20 cents which has taken place as of the date of the signing and release of the circular on April 27, 2013.

The changes in the current prices reflect the falling prices of petroleum products on the World market, the statement said. With such reduction, the retail pump price of gasoline is now US$4.18/LD$315.00, while the price of fuel oil is now US$4.21/LD$315.00.

It was also indicated that the Ministry of Commerce and Industry Inspectorate Team will be closely monitoring the approved petroleum price structures to avoid any arbitrary hike in the pump price on the market.

It can be recalled that a previous circular released on March 27, noted a reduction in prices of petroleum products. Gasoline was reduced by US 0.20 cents and fuel oil was reduced also by US 0.20 cents.

The statement furthered that the consistent reduction of petroleum prices is indeed a welcome development with many plaudits and praises already lavished on authorities of the Ministry of Commerce and Industry and the Liberia Petroleum Refining Company (LPRC).