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Gov’t Announces New Price Ceilings For Petroleum Products
Date Uploaded: Aug 11, 2016

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Gov’t Announces New Price Ceilings For Petroleum Products

MONROVIA, August 10 (LINA) – Government through the Liberia Petroleum Refining Corporation (LPRC) and Commerce Ministry has announced a reduction in the prices of petroleum products on the market.

According to a price circular issued by the government, the retail pump price for a gallon of gasoline has been reduced from US$3.06 to US$ 2.91, or its Liberian dollar equivalent of L$275, while the retail pump price for a gallon of diesel fuel has been reduced from US$3.08 to US$2.98 or its Liberian dollars equivalent of L$280.

According to the price circular, the new price ceiling for petroleum products took effect as of August 1.

It said the Liberian dollar component was calculated using the Central Bank of Liberia approved exchange rate of US$1 to L$94.

It noted that the decision to reduce the prices of petroleum products came as a result of the downward shift in the perimeter that is usually used to determine the prices of products in the country.

Meanwhile, the Ministry of Commerce has said that it will closely monitor the approved ceiling prices through its Inspectorate Department to avoid the arbitrary hike in the pump prices of gasoline and fuel on the local market.

The Ministry said it will also closely monitor the effectiveness of the price circular to ensure that importers do not undercut competitors on the market.
LINA PR/DMW/WSG/TSS/PTK


 

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