Petroleum Prices Go Up

Petroleum Prices Go Up

The Government of Liberia through the Liberia Petroleum Refining Company (LPRC) and the Ministry of Commerce & Industry has announced an increase in the prices of diesel fuel and gasoline on the Liberian market.

According to a petroleum price circular issued by the government, the retail pump price for a gallon of diesel has increased from US$3.01 to US$3.16 or its Liberian dollar equivalent of 2.70.00 (which represent a fifteen cent increment) while the retail pump price for a gallon of gasoline has increased from US$3.06 to US$3.21 or its Liberian dollar equivalent of 270.00. The prices were calculated using the Central Banks approved exchange rate of 1USD to LRD85.00.

The new petroleum price ceiling circular which was jointly signed by the Managing Director of the Liberian Petroleum Refining Company, Professor Sumo G. Kupee and the Minister of Commerce & Industry, Axel Addy takes effect as of Tuesday, May 4, 2015

The decision to increase the prices of Petroleum products is a result of the upward change in the price of these products on the world market which normally affects other pricing perimeters in Liberia.

The circular warned 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.