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 gasoline on the Liberian Market.
According to a petroleum price circular issued by the government, the retail pump price for a gallon of gasoline has increased from US$2.98 to US$3.06 or its Liberian dollar equivalent of LD$290.00 (which represent a 10 United States cent increment) while the retail pump price for a gallon of diesel has also increased from US$2.96 to US$3.06 or its Liberian dollar equivalent of D$290.00. The prices in Liberian dollars were calculated using the Central Banks approved exchange rate of 1USD to LRD$95.00 The new petroleum price ceiling circular issued by Liberia Petroleum Refining Company and the Ministry of Commerce & Industry, took effect as of Tuesday, July 5, 2016. The decision to increase the prices of petroleum products is a result of an upward shift in the perimeter that is usually used to determine the prices of products in the country. The released thanked all stakeholders in the Downstream Sector of Petroleum Industry for their commitment in adhering to the price adjustment formula. Meanwhile, the circular warmed 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. Petroleum Products in the Liberia are the lowest in the Mano River Union Basin. This is largely due to lower levy imposed on petroleum products in the country as compared to other countries.