The Managing Director of the Liberia Petroleum Refining Company (LPRC), Amos Tweh, has disclosed that Liberia has one of the highest storage fees on petroleum products in the region and even across the world. Speaking with reporters recently after a meeting with Liberia’s Vice President Jeremiah Kpan Koung and petroleum actors at the Liberian Senate, Tweh said, “There have been concerns about petroleum prices, but you know, there is a pricing structure that we have on which you see all the different leverage-the different sub-charge, road form, sale tag and import leverage on petroleum products.”
Citing an instance, Tweh admitted that one of the concerns expressed is the storage fees. “They have indicated that the storage fees on petroleum are high, which is true. Liberia has one of the highest storage fees for petroleum products in the region, even across the world, Liberia has one of the highest.”
However, the LPRC boss revealed that there is a plan to do an adjustment consistent with industry practice, revealing that the agency is holding talks with different stakeholders to align with the recommendation from the Liberian Senate and what the Executive Branch wants to achieve in the sector.
“When we imported petroleum products for the first time in almost forty years, we announced reduction in prices at the end of last month. We are hoping that this month, similar thing could be done,” he said. According to him, the objective of the government is to make sure petroleum prices are stable and users will not be cheated.
The LPRC will make sure that from the entire supply chain network, all petroleum actors will act in line with the industry practice and the objective of the government. Tweh said, as a result of some of the concerns raised by actors, LPRC has been able to make its import, saying the agency has to be careful with how it comes out with prices that will affect the operation of the government. He further disclosed that there are plans to summon petroleum stakeholders for a meeting to discuss some of the concerns that they have in line with the reform measures the government has taken.
