Liberians have been lamenting over the rising cost of petrol and diesel at the pumps.

A gallon of gasoline is now $5.66 while diesel is sold at $6.00

According to Liberians, the current fuel prices have brought untold hardships on them and want the government to do something about it immediately.

However, responding to concerns being expressed by the citizens, the Government of Liberia indicated that the recent decision to set a new price structure for petroleum products in the country was not arbitrary, but one motivated by external factors.

Liberia’s Minister for Information, Ledgerhood J. Rennie, at a press briefing, said the government acknowledges that the increment is “hard to bite down,” but it is necessary to ensure the constant availability of the products on the market and the stability of the price.

“We are hoping that in the next month or so, we can revisit the decision and there can be a decrease,” Minister Rennie said.

He explained that the government is aware that the cost of petroleum could hurt the general price level, which is why it is planning to revisit the new price structure in the “soonest possible time.”

He frowned on profiteering and hoarding of the products by some unscrupulous people, warning that anyone caught in the acts would be dealt with by the full weight of the law.

The Information Minister said the relevant government agencies are working to announce fixed fares for transportation to various locations within 48 hours to avoid hiking the cost.

He warned commercial drivers against overcharging passengers.

The Deputy Managing Director of the Liberian Petroleum Refining Company, Adrian Hoff, who was at the press briefing, also said importers of petroleum products in the country operate under a Collateral Management Agreement (CMA) that allows them to order products in the country without initially paying cash to the major international suppliers.

But he said, once in the country, for products to be lifted from the LPRC storage facility each day and taken to the market, the Liberian importers would have to pay per consignment at the prevailing global rate–thus their clamour for a price increment.

Mr Hoff said the Weah-administration has made tough decisions in the past to avoid increasing the cost of petroleum products by cutting levies.

“We have met with the President and his biggest concern has been ‘don’t increase the price’.“

Both men said the prices of gasoline and diesel in Liberia is lower than in many countries in the subregion.

They urged Liberians to make some adjustments to conform to the current global reality as the government continues discussions with importers so that the brunt of the problem is not felt by Liberians.

Source: https://energynewsafrica.com