By By: Staff Writer
Monrovia, Liberia — The Government of Liberia has reversed its position on fuel pricing less than 24 hours after announcing that petroleum prices would remain unchanged, approving an immediate increase in the pump price of diesel.
On March 4, the Ministry of Commerce and Industry, in collaboration with the Liberia Petroleum Refining Company (LPRC), issued a circular maintaining existing price ceilings for gasoline (PMS) and fuel oil (AGO). Officials at the time assured the public that prices were stable in U.S. dollar terms and that the country had sufficient petroleum stock to avoid disruptions.
However, in a new release on March 5, the government authorized a US$0.55 per gallon increase in diesel, while keeping gasoline prices unchanged. Authorities described the move as a temporary and targeted adjustment in response to mounting global uncertainty.
According to officials, the decision followed a briefing by the LPRC and the Ministry of Commerce to the Economic Management Team on the potential impact of escalating geopolitical tensions in the Middle East on global petroleum supply chains and pricing.
Global oil markets have experienced renewed volatility in recent weeks amid fears of supply disruptions and instability in key oil-producing regions. Analysts say such developments often trigger price fluctuations that directly affect import-dependent economies like Liberia.
The government stated that limiting the increase to diesel is intended to safeguard fuel availability while cushioning the broader population from multiple price hikes at once. The adjustment will remain in effect for one month, after which authorities say they will reassess the situation based on prevailing international market conditions.
Officials also warned importers and dealers against hoarding or selling above the approved price ceiling, vowing strict enforcement to prevent exploitation of consumers during what they termed a period of heightened global uncertainty.
