LPRC Increases Fuel, Gasoline Prices

The Liberia Petroleum Refining Company (LPRC) and the Ministry of Commerce and Industry have announced an increase in the prices of diesel fuel and gasoline on the Liberian market. According to the circular issued by the two institutions, the retail pump price of a gallon of diesel has increased from US$3.16 to US$3.41 or its Liberian dollar equivalent of L$290, which represents a 25 cent increment, while the retail pump price for a gallon of gasoline has increased from US$3.21 to US$3.41 or its equivalent of L$290 which represents a twenty cent increment.

The LPRC report said the prices were calculated based upon the Central Bank’s approved exchange rate of US$1 to L$ 85. The new petroleum price ceiling circular, which was jointly signed by the LPRC Managing Director Sumo G. Kupee and Commerce Minister Axel Addy, takes effects as of June.

The increase in the prices of petroleum products is the result of the hike in the price of crude oil on the international market and freight and insurance charges, the circular said, noting that these are the two largest determinants of the prices of petroleum products in Liberia.

Between April and June the price of a barrel of crude oil increased from US$40 to US$60.00, representing a 50% increment, while for the same period the freight and insurance charges increased from US$75 to US$121, representing a 61%increment.