Liberia has reduced the prices of gasoline and diesel, with the new rates taking effect on 18 June, according to official price circulars issued by the Ministry of Commerce and Industry and the Liberia Petroleum Refining Company (LPRC).
The authorities said the price of gasoline, or Premium Motor Spirit (PMS), had been lowered by 15 US cents, while diesel, known as Automotive Gas Oil (AGO), was reduced by 30 US cents.
Under the revised pricing structure, gasoline will retail at US$4.94, equivalent to 905 Liberian dollars, while diesel will sell for US$6.25, or L$1,145.
Separate circulars also announced a reduction of 40 US cents in the price of Jet A-1 aviation fuel, bringing it to US$7.22, and a decrease of US$19.70 per metric tonne in Heavy Fuel Oil, which will now sell at US$1,078.66 per metric tonne.
The Ministry of Commerce and Industry said inspectors would monitor the implementation of the new price ceilings to prevent arbitrary increases and ensure fair competition among importers.
The adjustments come against the backdrop of fluctuations in international oil prices, which have been influenced in recent weeks by tensions in the Middle East and concerns over global energy supplies.
Fuel prices are closely watched across West Africa, where transport costs and the prices of basic commodities are often affected by changes in the cost of petroleum products.
The Liberian authorities said the new prices became effective on 18 June.
