MONROVIA, LIBERIA-The Liberian Senate has commended the Executive for adhering to its recommendations in implementing new petroleum pricing adjustments.

According to a Senate release, the adjustment, directed by the Presidency, includes support to the government’s social programs of 0.02 USD per gallon, replacing the previous financing cost, and support to equipment of 0.09 per gallon.

The release is quoted as saying the combined 0.11 per gallon increase is expected to generate approximately 17 million USD in additional revenue annually.

It states that the adjustments were made following a public hearing, which engaged stakeholders from the downstream petroleum sector to assess the fairness of the existing pricing structure.

The release also adds that the Committee’s findings and recommendations were endorsed by Plenary and subsequently submitted to President Joseph Boakai for onward action.

The Senate’s leadership expressed gratitude for the collaborative efforts with the Executive in ensuring the new adjustments to the petroleum pricing structure.

By: Sampson David