Monrovia, Liberia – The Managing Director of the Liberia Petroleum Refining Company (LPRC), Amos Tweh has admitted and disclosed that Liberia has one of the highest storage fees on petroleum products in the region and even across the world.
Speaking with reporters recently after a meeting with Liberia’s Vice President Jeremiah Kpan Koung and petroleum actors at the Liberian Senate, Tweh said, “There have been concerns about petroleum prices, but you know, there is a pricing structure that we have on which you see al the different leverage-the different sub-charge, road form, sale tag and import leverage on petroleum products.”
According to the head of the LPRC, there is a strategy to make a change that is in line with industry standards. The agency is also in discussions with various stakeholders to understand the Executive Branch’s goals in the sector and the Senate’s suggestion.
“At the end of last month, we announced a price drop when we imported petroleum products for the first time in nearly 40 years. We’re hopeful something similar can be done this month,” he stated.
He asserted that the government’s goal is to ensure that petroleum prices remain steady and that consumers and citizens are not defrauded. The LPRC will ensure that all petroleum actors within the whole supply chain network will act in accordance with industry standards and government goals.
According to Tweh, the LPRC has been able to import due to some of the issues; nonetheless, the agency must exercise caution when establishing pricing that would impact government operations.
In addition, he said that the meeting’s primary discussions were the petroleum product industry, prices, and the way the LPRC regulates it. He added that the actors and LPRC are trying to attract business from investors.
Also, Manager Tweh mentioned that efforts are underway to call a meeting of petroleum stakeholders to address some of their concerns regarding the reform measures implemented by the government to guarantee stability, fair competition, and fair prices.
He explained that the LPRC is making every effort to ensure that those involved in the industry are aware of the goals the government is attempting to accomplish in relation to fair competition in the industry and low and reasonable prices.
