The Ministry of Commerce and Industry has announced a reduction in the price of all petroleum products on the Liberian market.
Commerce Minister Wilson Tarpeh told a press conference Monday that the reduction was a result of a drop in the price of petroleum products on the world market.
According to the Minister, last year when prices went up on the world market, local importers wanted to increase the prices but government had to negotiate given the economic circumstances.
The pump price of gasoline has now dropped three dollars seventy cents to three dollars thirty cents while fuel oil price has been reduced from three dollars ninety five cents to three dollars seventy cents.
In total, the Ministry of Commerce and Industry has cut 65 US cents from the price of petroleum products on the Liberian market.
Minister Wilson Tarpeh said:” The Ministry is now holding discussion with the Ministry of Transport to possibly reduce transportation fares.”
Despite of the reduction in the price of gasoline on the Liberian market, commercial drivers are still charging high transportation fairs, a situation that pondering many commuters during a chat with the GNN