As Fuel Prices Increases On World Marker Gov’t Takes Step to Avert petrol shortage
Posted June 4, 2004
The National Transitional Government of Liberia has announced an immediate increase in the pump price of petroleum products.
According to an Executive Mansion release, gasoline will now be sold for US$2.60 or L$145.00, while diesel will be sold for US$2.65 or L$150.00 at the pump.
The decision followed an intensive consultative meeting between NTGL Acting Chairman Wesley Momo Johnson, the LPRC Management, Importers of petroleum products, and the Ministers of Finance, Commerce, Justice, Transport and Information.
The release said the increase comes in the wake of the persistent rise in the price of petroleum products on the world market, and the unwillingness of importers to bring the commodity into Liberia unless there was an increase on the local market, as they were currently operating at a loss.
The release noted that such an increase in the price of petroleum products on the world market has reached a proportion that has compelled government to take this decision so as to avert an imminent shortage of petroleum supply on the Liberian Market.
The release further disclosed that the National Transitional Government of Liberia is unpleasantly constrained, under the circumstances, to take this swift and decisive action and therefore solicits the understanding of the public.
The government’s action has come against the wake of concern raised by some importers about the rising increase in the products on the world market. The importers have been complaining about huge losses as a result of the increase on the world market and have therefore threatened not to import the products to avoid losses.
It was apparently against this background that yesterday’s meeting was held to find a way out to avoid imminent shortage of the product on the market, something which could have an adverse effect on prices
Up to the holding of the meeting by Vice Chairman Johnson, the importers were said to be mounting pressure on the LPRC Management to see what could be done to ensure the constant supply of the product through a huge increment at the expense of the ordinary and poverty stricken Liberians.
With the slight increment in the price of petroleum, it is expected that importers will cooperate with government to ensure the availability of the product on the local market.