MONROVIA, LIBERIA-The Ministry of Commerce and Industry has adjusted the price of petroleum products.

In a circular released on Monday, March 7, 2022, the Commerce Ministry set the new retail pump price of gasoline at five USD and sixty-six-cents or eight-hundred-seventy-five Liberian Dollars.

The new retail pump price of fuel is six USD or nine-hundred-thirty LD.

According to the circular, the new prices were derived following close consultation with the Liberia Petroleum Refining Company (LPRC) and are based on the international prevailing and exchange rates.

Meanwhile, the Commerce Ministry says its inspectorate team will closely monitor the approved ceiling prices to prevent arbitrary hike of the products on the local market.