According to a petroleum price circular issued by LPRC and the Commerce Ministry, the retail pump price for a gallon of gasoline has increased from US$2.81 to US$2.96 or its Liberian dollar equivalent of LD$270 (which represents a 15 United States cent increment).
The retail pump price for a gallon of diesel fuel remains at US$2.68 or its Liberian dollar equivalent of 245.
A release issued Wednesday noted that the prices in Liberian dollars were calculated using the Central Banks approved exchange rate of 1USD to LRD$92.
The new petroleum price ceiling circular took effect Wednesday, May 4. The decision to increase the price of gasoline is a result of a shift in the perimeter that is usually used to determine the price of the product in the country.
The release thanked all stakeholders in the downstream sector of the petroleum industry for their commitment to adhering to the price adjustment formula.
Meanwhile, 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.
It 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.