The Ministry of Commerce & Industry (MoCI) has announced downward adjustment in the prices of petroleum products on the Liberian market effective October 4, 2024.

In accordance with the decision taken in collaboration with the Management of the Liberia Petroleum Refining Company (LPRC), the prices of gasoline (PMS) have been reduced by US$0.15 (Fifteen United States Cents), while fuel oil (AGO) has been reduced by SU$0.20 (Twenty United States Cents).

As per the new price ceiling, the wholesale selling price for gas (PMS) is US$3.70, while the retail pump price is US$3.98 or $775.00 Lrd. For fuel oil (AGO), the new wholesale price is US$4.03, while the retail pump price is US$4.31 or $840.00 Lrd.

The CBL exchange rate used in determining the Liberian Dollar equivalence of the new price ceiling for the petroleum products(gas and fuel oil) is LRD195.00- 1USD.

The Ministry of Commerce & Industry through its Inspectorate Division will be closely monitoring the process to avoid arbitrary hikes in the pump prices of gasoline and fuel oil on the local market.

The Ministry will also be closely monitoring the effectiveness of the price circular to ensure that importers do not undercut fellow competitors on the market.