M a r k e t N e w s

Liberia: LPRC, Commerce Drop Petroleum Prices Again

Posted on : Thursday, 2nd October 2014

 Monrovia — The Ministry of Commerce and Industry, in close consultation with the management of the Liberia Petroleum Refining Company, (LPRC) has announced that there will be reductions in the pump prices of gasoline (PMS) and fuel oil (AGO) by twelve (12) cents and fifteen (15) cents respectively, according to an LPRC release.

This means, the wholesale price for gasoline is US$3. 88 cents and fuel oil are US$3. 93 cents, while the pump price for gasoline is US$4.06 /L$345 and fuel oil is US$4.11 /L$350. There will also be a five Liberian dollar reduction in the price of fuel oil due to the exchange rate differential.
The reduction will take immediate effect on Monday, September 29, 2014. The circular was signed by the Minister of Commerce and Industry, Axel Addy and LPRC Managing Director, T. Nelson Williams, II. This is the second month in a row that the prices of gasoline and fuel oil have dropped, the release concluded.
Commuters see this as a slap in the face of drivers who are using gasoline and fuel prices to exploit riders. The commuters indicated that this drop in the price of petroleum products has charged the police and the Transport Ministry to monitor the commercial drivers and to promptly enforce the newly approved fares.
Despite the issuance of a new fare structure for commercial drivers, passengers are overcharged by drivers without any word from the regulatory agencies, the police and the Transport Ministry.
A commuter advised, "Traffic police and transport inspectors from the ministry should be deployed at various parking stations and be assigned in parallel so as to deal with the situation of exploitation by commercial drivers."

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