By Godgift Harris
The Ministry of Commerce and Industry, in close consultation with the Liberia Petroleum Refining Company (LPRC), has issued its March 3, 2026, petroleum price circular.
The entities reaffirmed government’s commitment to price stability, transparency, and consumer protection amid ongoing volatility in the global oil market.
Under the newly announced circular, the prices of gasoline (PMS) and fuel oil (AGO) remain unchanged in United States dollar for both wholesale and retail markets.
Retail pump prices are maintained at US$4.02 (L$755) for gasoline and US$4.33 (L$810) for fuel oil, reflecting the prevailing exchange rate of L$187 to US$1 as published by the Central Bank of Liberia (CBL).
Authorities noted that the prices are consistent with last month’s average Platts benchmark, underscoring government’s adherence to international pricing standards, while ensuring fairness in the domestic market.
Government proactively engages stakeholders
In a high-level meeting with petroleum importers and industry stakeholders, the government assessed the potential impact of the ongoing global petroleum market crisis.
Officials expressed concern over rising international fuel prices, but said, the country remains well-positioned to manage external shocks.
The Ministry and LPRC assured stakeholders that relevant government functionaries are actively monitoring global trends and stand ready to implement necessary price adjustments in line with established market mechanisms.
While providing further reassurance, the government confirmed that the country currently holds a significant, and secure stock of petroleum products, sufficient to meet national demand.
Through coordinated efforts between the Ministry of Commerce and Industry and LPRC, a comprehensive contingency plan has been aligned to prevent sudden or unjustified price spikes.
The plan is designed to protect consumers and ensure that global uncertainties are not exploited to create artificial shortages or inflate prices beyond reasonable levels.
While many Liberians have expressed concern that escalating tensions involving Israel, the United States and Iran could trigger economic difficulties worldwide, the government maintains that proactive monitoring, strong collaboration with importers, and prudent stock management will help cushion the country against potential disruptions.
The Ministry of Commerce and Industry and LPRC reaffirm their unwavering commitment to maintaining fuel availability, safeguarding consumer interests, and sustaining economic stability during this challenging period in the global petroleum landscape.
The government continues to urge the public to remain calm and confident, as all necessary measures are being taken to ensure uninterrupted supply and fair pricing.
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