In Liberia, the government has increased the price of petroleum products, leading to groans by commuters and other users of fuel in that country. The Ministry of Commerce and the Liberia Petroleum Refinery Company (LPRC) announced an increment of US$1.16 on petrol while diesel fuel has been increased by US$1.47. This means the retail price of gasoline is now US$5.66 (L$875) while diesel fuel is US$6.00 (L$930).
In a special press briefing held to pacify dissatisfied Liberians, the country’s Minister of Information, Ledgerhood Rennie expressed the government’s unwillingness to increase the price of fuel and explained that it was necessary to do so in order to ensure constant availability of petroleum products in the country. He however promised that the issue will be revisited soon with a view to reversing the price.
The rise in petroleum products in many countries in the world is not unconnected to the rise in the price of crude oil and other products resulting from the Russia-Ukraine conflict. Oil prices have since passed the $100 mark and analysts project it might reach $150 per barrel if the crisis continues. Countries like Rwanda, South Africa, Namibia among others have increased the pump price of fuel in the past month. In Nigeria, the cost of fuel is subsidized by the government. There have been discussions about its removal as the cost of the subsidy will exceed 3 trillion naira in light of the rising cost of oil in the international market.