As the prices of petrol across the world fluctuate, the Petroleum Importers Association of Liberia has called for an upward review in the pump price in that country, saying that member companies are facing bankruptcy if the current price is not increased.
In a press statement, the group tasked the government to lift the current petrol and diesel prices as they’re forced into losses by selling at that price. Since the outbreak of the Russian war in Ukraine, prices have increased by an average of 23% while diesel has gone up by 32%, and both are determined by world market price movement.
However, the Liberian Ministry of Commerce and Industry says it’s not entertaining any such request and will instead look towards a slight reduction of petrol prices, adding that they are working with importers of petroleum products to ensure that there is sufficient stock in the country to last through the coming months.
“In the midst of disruptions to the global supply chain posed by COVID-19 and subsequently the Russia-Ukraine War, greatly affecting the cost of freight and sourcing of commodities from international suppliers, the Liberian Government re-assured the public of ensuring the affordability and availability of essential commodities on the local market. As the sector institution that is responsible to ensure a safe and conducive business climate for Liberia, we will continue to appraise the public as new developments unfold regarding the availability and prices of essential commodities on the Liberian market,” the Ministry said in its own release.