The Government of Liberia has announced a fifteen United States cents (US$0.15) increase in the price of gasoline and fourteen United States cents (US$0.14) in the cost of fuel oil respectively.
The decision by the government was reached on Tuesday following close consultation between the Ministry of Commerce and Industry and the management of the Liberia Petroleum Refinery Corporation.
In keeping with the new prices as announced, the wholesale selling price for gasoline is US$3.52, while fuel oil will sell for US$3.81 respectively.
The retail price for both products will be US$3.70 or L$580 and US$3.95 or L$615.
Meanwhile, the government has announced that the exchange rate is US$1 to L$156.
The government is therefore warning petroleum dealers and owners of foreign exchange bureaus to adhere to the new regulations as announced, noting that the inspectorate team of the Ministry of Commerce and Industry will be monitoring the effectiveness of the price circular, so as to avoid arbitrary hike in the pump prices of gasoline and fuel oil.