The Liberian Government has announced a reduction in the prices of gasoline and diesel fuel in the country.
A joint statement issued by the Ministry of Commerce and Liberia Petroleum Refining Company said the retail pump price for a gallon of gasoline has dropped from US$3.14 or its Liberian dollar equivalent of LD350.00 to US$3.05 or its Liberian dollar equivalent of LD345.00,thereby reducing nine United States cents.
According to the statement, the retail pump price for a gallon of diesel fuel has also decreased from US$3.11 or its Liberian dollar equivalent of LD345.00 to US$3.01 or its Liberian dollar equivalent of LD340.00.
The joint statement said that the prices in Liberian dollars were calculated using the Central Bank of Liberia’s approved exchange rate of US$1 to L$113.49.
The new petroleum price issued by the Ministry of Commerce and Industry and the Liberia Petroleum Refining Company took effect as of Wednesday, July 5, the statement said.
The decision to drop the price 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 commended stakeholders in the downstream sector of the petroleum industry for their commitment in adhering to the price adjustment formula.
Comparative price analysis of petroleum products in selected countries in the sub-region indicates that the prices of petroleum products in Liberia are among the lowest in the sub-region.
Meanwhile, the circular warned that the Ministry of Commerce inspectorate will closely monitor the approved selling 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.