The Government of Liberia (GOL) agreed to compensate Petroleum marketers selling gasoline and diesel fuel they imported at rates higher than what’s reflected in the retail cap, a bid to end a supply shortage in the country.
Retailers will now be subsidized to sell gasoline and diesel from U.S.$5.10 to U.S.$5.90. and Diesel fuel will now be sold at the pump price of U.S.$6.90 from its previous price.This means U.S. $0.80 cents has been added on the current retail prices of petroleum products on the Liberian market.
Information Minister, Ledgerhood J . Rennie, had earlier told reporters the price of gasoline and diesel fuel has sky-rocketed in the country due to the war in Ukraine. And importers and distributors of the commodities in the country had went on to increase the prices of the products in order to offset the cost they endure on the international market due to the Russian-Ukraine crisis.
While the government through the Ministry of Commerce and Industry said there are adequate stocks of petroleum products in the country, there has been a shortage at filling stations with queues persisting into the second week.
However the energy ministry, the Ministry of Commerce and Industry has been fighting to reduced the prices of petroleum products on the Liberian market, which has since been increased as far as U.S.$6.35 from its previous price of U.S.$5.10.
Howbeit, the government of Liberia did managed to reached an agreement with petroleum importers in the country on a new price structure for gasoline and diesel fuel on the Liberian market is now officially to be sold for U.S.$5.90. for gasoline and U.S.$6.90 for diesel fuel, effectively tomorrow, therefore turning down a requests from the Petroleum importers Association to sell at U.S.$6.90.
The latest agreement between the government of Liberia and the Petroleum importers Association of Liberia is measure meant to address a price mismatch and ensure undisrupted supply of petroleum products on the market.
Meanwhile, the government of Liberia through a release wishes to emphasize that it has acted throughout the apparent impasse in the best interest of ordinary people, as it insists on keeping price affordable. As a result, the governnemnt strenuously resisted initial suggestions from some importers for an increment of more than U.S. $1.00.
The new deal should help alleviate the difficulty many Liberians have had to go through in the last few days, while the product is made affordable and available.
