Government Cuts Fuel Prices, Offers Relief to Transport Sector and Consumers
MONROVIA, Liberia – The Ministry of Commerce and Industry in collaboration with the Liberia Petroleum Refining Company has announced a reduction in the prices of gasoline and fuel oil, a move expected to ease transportation costs and provide some relief to consumers amid ongoing economic challenges.
The new prices took effect on June 18, 2026, following a review of international petroleum market trends and domestic pricing factors.
Under the revised pricing structure, the retail pump price of gasoline (PMS) has been reduced by US$0.15 per gallon, dropping from US$5.09 (approximately L$932.00) to US$4.94 (L$905.00) per gallon. Fuel oil (AGO), commonly used by commercial vehicles and heavy-duty equipment, has been reduced by US$0.30 per gallon, falling from US$6.55 (approximately L$1,199.00) to US$6.25 (L$1,145.00) per gallon.
The approved wholesale prices are set at US$4.66 per gallon for gasoline and US$5.97 per gallon for fuel oil.
According to the Ministry, the adjustment is based on the Central Bank of Liberia’s official exchange rate of L$183.1427 to US$1.00 as of June 15, 2026.
MOCI said it will continue working with LPRC to monitor the petroleum market, enforce compliance with approved prices, prevent unfair trade practices, and ensure a stable nationwide supply of petroleum products.
The reduction is expected to have a positive impact on Liberia’s transportation sector, particularly commercial drivers who rely heavily on fuel oil and gasoline for daily operations. Operators of taxis, commercial buses, and other public transport vehicles could see a decrease in operating expenses, potentially easing pressure on transport fares.
Economic pundits note, however, that while the fuel price reduction is a welcoming development, its effect on transportation costs may be gradual, as transport unions and operators often consider other factors such as vehicle maintenance costs, spare parts prices, and road conditions when determining fares.
For ordinary consumers, lower fuel prices could help reduce the cost of moving goods from markets and ports to communities across the country. Businesses that depend on transportation and fuel-powered generators may also experience slight operational savings, which could contribute to stabilizing prices of essential commodities if the reductions are sustained over time.
The adjustment marks one of the most effective reductions in petroleum prices in recent months and reflects the government’s efforts to cushion consumers from fluctuations in global oil markets.
