The Liberia Petroleum Refining Company (LPRC) says it has taken decisive action to reclaim its statutory role in importing petroleum and refined products to the country, as mandated by an Act of the Legislature. This significant move, according to the LPRC, follows years of allowing private oil-importing companies to operate in this space.
The Petroleum Company said its decision marks a powerful re-entry into the market with the recent importation of 10,000 metric tons of gasoline and 6,000 metric tons of diesel fuel. A press release from LPRC stated that the return not only boosts the strategic petroleum reserve, but it also plays a pivotal role in stabilizing petroleum prices.
The recent importation has allowed LPRC to implement necessary price adjustments, resulting in a substantial reduction in both diesel and gasoline prices. Without this critical intervention, LPRC indicated, diesel fuel prices would have surged by 0.19 cents per gallon, while gasoline would have increased by 0.04 cents per gallon.
Currently, gasoline stands at US$4.09 and diesel fuel at US$4.43. This strategic intervention underscores the Government of Liberia’s commitment to ensuring fair pricing and healthy market competition, ultimately providing much-needed relief to citizens.
