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Friday, June 14, 2024

MINISTRY OF COMMERCE ANNOUNCES SIGNIFICANT FUEL PRICE REDUCTIONS

Date:

MONROVIA – In a bid to alleviate the financial burden on citizens, the Liberian government, led by the Ministry of Commerce (MoC) and the Liberia Petroleum Refinery Corporation (LPRC), has announced a significant reduction in fuel prices. Effective June 6th, 2024, the pump prices for gasoline and diesel have been decreased by ten and twenty United States cents respectively, marking a welcome relief for consumers across the nation.

Under the leadership of the Boakai administration, the initiative to lower fuel prices demonstrates a commitment to economic stability and affordability for Liberian households. Upon assuming office, the pump price for gasoline stood at US$4.47, which has now been adjusted to US$4.28. Similarly, diesel prices, previously at US$5.23, have been reduced to US$4.81. This move is poised to positively impact the daily lives of Liberians, easing transportation costs and overall living expenses.

The new price ceiling for petroleum products in Liberia reflects the collaborative efforts between the Ministry of Commerce and Industry and the management of LPRC. Gasoline prices (PMS) have seen a decrease of ten United States Cents, while fuel oil (AGO) prices have been slashed by twenty United States Cents. The wholesale and retail prices now stand at US$4.53 and US$4.00 for fuel oil, and US$4.81 and US$4.28 for gasoline respectively.

To ensure transparency and prevent arbitrary hikes in pump prices, the Ministry of Commerce Inspectorate Team will closely monitor approved prices. Additionally, stringent measures will be implemented to safeguard against unfair market practices, with a focus on preventing importers from undercutting competitors.

Meanwhile, some Liberians have embraced the announcement, stating that the government’s move underscores its dedication to addressing economic challenges and prioritizing the welfare of its citizens. They added that as the nation navigates various socio-economic dynamics, initiatives like these play a crucial role in fostering stability and prosperity for all.

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