Liberia: Ministry of Commerce Drops Petroleum Price

Monrovia – The Ministry of Commerce and Industry on Monday, January 7, 2019 announced a reduction in the price of all petroleum products on the Liberian market.

Report by J. H. Webster Clayeh, [email protected]

Last year, the price of petroleum products increased on the international market thus affecting the price on the Liberian market.   

Speaking to journalists during a press conference at the Ministry of Commerce and Industry, Minister Wilson Tarpeh said the reduction in the price of petroleum came as a result of a drop in price on the world market.

According to the Minister, when petroleum products rise steeply last year, petroleum companies in the country wanted to increase their pump price but the government was able to prevent the increment of the pump price to avoid constraints on the ordinary people.

Said Minister Tarpeh: “Now, we see the situation where the price has dropped to as much as 40 cents. In fact, the total is as much as 65 cents. What most governments will do is to still maintain the price to collect that revenue.

“We made that proposal and the President (Weah) has taken different approach to that. So, the price of petroleum; gas has now dropped from 3.70 cents to 3.30 cents and the price of fuel oil has now dropped from 3.95 cents to 3.70 cents.” 

According to the Minister of Commerce, the CDC-led government will continue to comply with the international market price, adding that they will reduce prices where necessary.

Also, as the reduction of petroleum takes effect, Minister Tarpeh said the Ministry of Commerce is in discussion with the Ministry of Transport to see how best to reduce the transportation fare.

The Minister, however, called on the public to contact the Ministry of Commerce in the case where someone sells petroleum different from the of Ministry of Commerce price.