Rice, Gas Prices Drop Again

The Ministry of Commerce and Industry has made some adjustments in the prices of essential commodities on the Liberian market.

Minister of Commerce and Industry, Mr. Axel Addy said the reduction in the prices of petroleum products has impacted or affected the pump price of the commodity.

Minister Addy told journalists yesterday that due to the health crisis, the government had to increase the prices of some commodities due to the difficulty posed at the time to bring in these commodities, but was quick to say that since the situation has improved the government had to effect some reduction in the prices of these commodities.

He indicated that there has been a US$1 reduction in the price of rice, and urged the media and the general public to assist the ministry in monitoring these prices on the market.

He said the Ministry will continue to publish monthly critical commodities bulletin entitled, “Commerce Today” which will highlight the prices of essential commodities such as rice, petroleum products, cement and other commodities.

According to this month’s edition of the bulletin, the price of rice which increased to US$17.50 due to the difficulties encountered in bringing the commodity in during the heat of the health crisis will now be sold for US$14.50 in urban areas and US$16.50 in rural areas.

According to the bulletin, the current warehouse stock of rice in the country is 69,301.225 metric tons or 2,512.049 of 25kg bags while the country’s monthly consumption stands at 29,168.81 metric tons or 1,166,725.50 25 kg bags.

The bulletin further reveals that the current imported stock will run up to May 25, 2015 while the current annual consumption is 350,025.72 metric tons or 14,001,028.80 of the 25 kg bags.

The ‘Commerce Today’ bulletin also noted that current stock of gasoline (PMS) is 15,582.48 metric ton or 5,453867 gallons while Diesel(AGO) is 18,005.06 metric tons or 5,527,552 gallons and JET A-1 3,137metric tons or 1,003,692 gallons. The bulletin estimated the total stock duration at an average of 46 days. The bulletin puts current the prices of gasoline and fuel oil at L$260.00 respectively.

Minister Addy at the news conference urged the citizenry to help monitor the prices of these commodities and report any problem of price increment to the ministry using its hotlines of 0886559224, 0886516171 or 0207215031.