Liberian Government Lowers Gasoline and Diesel Pump Prices

In an effort to relief the financial burden of transportation to the Liberian people, the Ministry of Commerce and Industry (MOCI), in close collaboration with the Liberia Petroleum Refining Company (LPRC), has announced a reduction in fuel prices across the country. Effective immediately, the price of gasoline (PMS) has been lowered by 15 U.S. cents, while fuel oil (AGO) has been reduced by 20 U.S. cents per gallon.

This price adjustment brings the new pump price of gasoline down to $3.98, from its previous rate of $4.47 set in January 2024. Similarly, diesel prices have been reduced to $4.38, a significant drop from the earlier price of $5.22. These reductions come as part of a broader strategy by the government to stabilize fuel prices and offer economic relief to Liberians facing the pressures of rising living costs.

The LPRC and MOCI have made it clear that this decision reflects current global oil price trends and the government’s commitment to ensuring that the benefits of these adjustments are passed down to the public. The exchange rate used for this calculation is LRD 195.00 to 1 USD, which plays a critical role in determining the final pump prices.

To ensure that these new prices are maintained and that consumers are not exploited, the Ministry of Commerce and Industry’s Inspectorate Team will be actively monitoring fuel stations and suppliers. The team will enforce the approved ceiling prices and prevent any arbitrary hikes or manipulations in the market. Additionally, the Ministry will monitor competition within the fuel industry to ensure that no importers undercut their fellow competitors, promoting fairness and transparency.

These reductions are expected to bring some much-needed relief to the local economy, particularly for businesses reliant on transportation and logistics. Lower fuel costs could help reduce the price of goods and services across various sectors, ultimately benefiting consumers and small businesses alike.

The Liberian government remains committed to continuing its efforts to regulate fuel prices, ensuring that the public benefits from any global shifts in oil prices and protecting the country’s economic stability.