Home Economy Hoarding or Shortage? …As Gasoline Price Jumps To LD$1,500 Per Gallon

Hoarding or Shortage? …As Gasoline Price Jumps To LD$1,500 Per Gallon

by newsmanager

MONROVIA: In the face of what appears to be a sporadic hike in the price of petroleum products mainly gasoline on the Liberian market, the Government of Liberia has assured the public that there is adequate supply of petroleum products in the country to serve the local market for the next several months and that there should be no reason for panic buying of gasoline or diesel fuel.

Since Wednesday, local dealers of petroleum products have sharply increased the price of the products ranging from LD$750 to LD$1500, amounting to US$5 and US$10 respectively.

In late January, local dealers arbitrarily increased the price of gasoline from US$3.25 to US$4.00 at the seeming detriment of the consuming public.

However, on Saturday, the government warned against hoarding of the products as it will not tolerate such illegal acts.

The prices of gasoline and diesel fuel have increased globally as a result of the Russia-Ukraine war which has gasoline affected supply chains.

The Government of Liberia, through the Ministry of Commerce and Industry, LPRC and other relevant agencies have been engaged with importers for adjustment in the pump price of diesel fuel and gasoline to account for the current increase on the international market and to ensure availability and avoid loss to the importers.

An arrangement has been agreed with the importers that will ensure continuous lifting of petroleum products for the various filling stations while discussions continue to conclude on a new pricing structure.

The public is therefore assured that gasoline and fuel will be available at the major filling stations as the importers lift their products throughout the weekend.

The Ministry of Commerce and the LPRC say they will remain engaged with the Importers to derive a mutually acceptable price structure for the petroleum products in light of the global increase in the prices of petroleum products, a release signed by Information Minister, Ledgerhood Julius Rennie, concluded.

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