The Ministry of Commerce and Industry, in consultation with the Liberia Petroleum Refining Company (LPRC), has announced that the prices of gasoline have been adjusted by US$0.13, while the prices of fuel oil have been adjusted by US$0.46.
The government made further adjustments in the prices of Jet A-1 and heavy fuel oil, with the new selling price at US$5.76 and US$995.90/MT, respectively.
According to the petroleum product’s monthly price circular, signed by Commerce Minister, Mawine G. Diggs, and LPRC Managing Director, Marie U. Coleman, these changes are based on the international prevailing market rate and the exchange rate, which falls in line with government’s commitment to making products available and affordable at all times.
The circular underscored that the Ministry of Commerce Inspectorate Team will be closely monitoring the approved ceiling prices to avoid arbitrary hike in the pump prices of gasoline and fuel oil on the local market.
“The Ministry of Commerce and Industry will also be closely monitoring the effectiveness of the price circular to ensure that importers do not undercut fellow competitors on the market,” the circular stated.