Business

No Change In US Dollar Component of Gasoline And Fuel Oil — Commerce Ministry Clarifies

The Ministry of Commerce and Industry, in consultations with the Liberian Petroleum Refining Company (LPRC), says there is no change in the US Dollar component of gasoline (PMS) and Fuel oil (AGO) on the Liberian market

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A Commerce Ministry release said the only exception is the Liberian Dollar component due to the exchange rate

This means that wholesale selling price for gasoline is US$3.12( US three dollars twelve cents) while fuel oil (AGO) is US$3.52 ( US three dollars fifty two cents).

Retail pump price for gasoline is US$3.30 (US three dollars thirty cents ) or LD $595.00(five hundred ninety five Liberian Dollars, while retail pump price for fuel oil (AGO) is US$3.70 (US three dollars seventy cents or LD $665.00 (six hundred sixty five Liberian Dollars.

The exchange rate used in the current monthly Price Circular on Petroleum Products is One United States Dollar to $180.00 (one hundred and eighty Liberian Dollars).

The Inspectorate Team at the Commerce Ministry will be closely monitoring the approved ceiling prices to avoid arbitrary hike in the pump prices of gasoline and fuel oil on the local market.

In addition, the effective nature of the price circular will be monitored to ensure that importers do not undercut fellow competitors on the local market.

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