The Ministry of Commerce and Industry has come up with new petroleum prices as the price of petroleum increased on Friday, March 4, 2022. According to a press release from the ministry on Monday afternoon, March 7, 2022, the Commerce Ministry announced that in consultation with the Liberia Petroleum Company (LPRC) the new prices of gasoline (PMS) has been adjusted by One United States Dollars and Sixteen cents (USD$1.16), while the prices of fuel oil (AGO) has been adjusted by One United States Dollars and forty-seven cents (1.47).
The Ministry informed the public that the changes are based on the international prevailing market rate and the exchange rate, which falls in line with the governments’ commitment to making products available and affordable at all times.
According to the government house, the exchange rate used to determine the petroleum price is based on the Central Bank of Liberia (CBL) exchange rate which is USD$1-LRD$155. But the exchange rate in the commercial market remains at LRD$150-USD$1.
Commerce Ministry promised to send out inspectors to monitor the approved ceiling prices to avoid the arbitrary hike in the pump prices of gasoline and fuel oil on the local market. The ministry also promised to monitor the effectiveness of the price circulation to ensure that importers do not undercut other competitors on the market.
After the commerce and industry pronouncement, the Ministry of Transport is yet to come out with the new transport fares as it relates to the increase in gasoline and fuel oil.