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Prices of petroleum products reduced in Liberia

Benjamin S. Taingay/JARP Davies

MONROVIA, LIBERIA:-The Liberia Petroleum Refining Company (LPRC) has announced a reduction in the prices of petroleum products on the local market.

The pronouncement comes amidst the continual appreciation of the United States Dollar against the Liberian Dollar in recent weeks.

According to an LPRC release, the retail pump price for a gallon of gasoline has been reduced from three United States Dollars six cents (US$3.06) to two United States Dollars ninety one cents (US$2.91), or its Liberian Dollar equivalent of two hundred seventy five (US$2.75).

“The reduction represents fifteen United States cents ($0.15) in the price of gasoline.”

The release said: “The retail pump price for a gallon of diesel has been reduced from three United States Dollars eight cents (US$3.08) to two United States Dollars ninety eight cents (US$2.98), or its Liberian Dollar equivalent of two hundred eighty dollars (US$280.00).

“The decision to reduce the prices of petroleum products on the Liberian market is a result of a downward shift in the perimeter used to determine the prices of the products in the country,” the release quotes LPRC authorities as saying.

At the same time, the LPRC Management is warning against arbitrary hike in the pump price of gasoline and fuel as the Commerce Ministry inspectorate will closely monitor the approved prices.

 


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