The Liberian Senate has commended the Executive, through the Liberia Petroleum Refining Company (LPRC), for implementing recent adjustments to petroleum pricing, affirming the government’s commitment to transparency, fairness, and socio-economic development.
According to a Senate release, the adjustments, directed by the Presidency, include a $0.02 per gallon allocation to support government social programs, replacing the previous financing cost, and $0.09 per gallon for county equipment support. The combined $0.11 per gallon increase is projected to generate approximately US$17 million in additional revenue annually, based on Liberia’s 2024 petroleum imports of 154,652,417 gallons.
The Senate noted that the adjustments followed a public hearing convened by a joint Senate committee, which brought together stakeholders from Liberia’s downstream petroleum sector to evaluate the fairness and sustainability of the existing pricing structure. “Our oversight ensures that adjustments to petroleum pricing have positive impacts for the country and its citizens,” the release stated.
After extensive deliberations, the joint committee submitted a detailed report to the Senate Plenary, prompting a thorough debate among Senators. Following their inputs, the Plenary endorsed the committee’s findings and recommendations, subsequently forwarding them to H.E. President Joseph Nyuma Boakai for action.
The Senate leadership expressed appreciation for the collaborative engagement between the Legislative and Executive branches, emphasizing the importance of partnership in promoting economic stability and supporting essential government programs.
“This is a clear demonstration of how effective oversight and collaboration can lead to policies that benefit all Liberians,” the release added.
