By Jamesetta D. Williams
The Ministry of Commerce and Industry (MOCI), in consultation with the management of the Liberia Petroleum Refining Company (LPRC), has announced a reduction in the prices of Heavy Fuel Oil (HFO) and Jet A-1 fuel on the Liberian market.
According to the Ministry, the price of Heavy Fuel Oil has been reduced by US$7.01, while the price of Jet A-1 has decreased by US$0.49 as part of the latest petroleum pricing adjustment.
The Ministry said the revised prices are intended to reflect prevailing market conditions and will take effect within the commerce of Liberia.
To ensure compliance with the approved pricing, the Ministry disclosed that its Inspectorate Team will intensify market monitoring to prevent arbitrary increases in the pump prices of Heavy Fuel Oil and Jet A-1 by petroleum dealers.
The Ministry further stated that it will closely monitor the implementation of the new price circular to ensure a level playing field within the petroleum sector and discourage importers from engaging in unfair pricing practices that could undermine competition.
Authorities emphasized that the monitoring exercise forms part of ongoing efforts to protect consumers, promote transparency in petroleum pricing, and ensure adherence to government-approved fuel price regulations.
The Ministry encouraged petroleum importers and marketers to comply fully with the approved pricing framework to avoid regulatory actions.
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