by Rocheford T. Gardiner
MONROVIA – The Ministry of Commerce and Industry, in coordination with the Liberia Petroleum Refining Company (LPRC), has officially announced a sharp upward adjustment in the price of petroleum products across the country. The move, effective March 14, 2026, comes as the global energy market grapples with extreme volatility driven by the ongoing conflict in Iran.
According to the latest price circular, the retail pump price for a gallon of gasoline (PMS) has risen to US$4.87 (L$910.00), while fuel oil (AGO) has jumped to US$5.78 (L$1,080.00). These figures represent an increase of eighty-five cents for gasoline and ninety cents for fuel oil compared to previous rates.
Global Context: The Iran Conflict
The price hike in Liberia is a direct reflection of the deteriorating security situation in the Middle East. As the war in Iran continues to disrupt major shipping lanes and production facilities, the global supply of crude oil has tightened significantly. International benchmarks have seen oil prices surge past previous forecasts, forcing non-producing nations like Liberia to adjust their domestic price ceilings to ensure continued importation and availability.
Economic analysts warn that the instability in the Persian Gulf is likely to maintain upward pressure on energy costs for the foreseeable future, impacting transportation and the cost of basic goods globally.
Domestic Impact and Oversight
In the official circular signed by Commerce Minister Hon. Magdalene Ellen Dagoseh and LPRC Managing Director Hon. Amos B. Tweh, the government noted that the adjustments were made following close consultation to reflect the current market realities.
To protect consumers from further exploitation, the Ministry has deployed its Inspectorate Team to monitor gas stations and distributors. The government has warned that it will not tolerate “arbitrary hikes” beyond the approved ceiling or the hoarding of products by importers seeking to undercut competitors.
“The Ministry will be closely monitoring the effectiveness of the price circular to ensure that importers do not undercut fellow competitors or hoard the products on the market,” the statement read.
Exchange Rate Stability
The circular also noted that the pricing is based on the Central Bank of Liberia (CBL) exchange rate of L$187.00 to US$1.00, as recorded on February 13, 2026.
As Liberians brace for the ripple effects of these increased costs—particularly in the transport sector—the government maintains that these “upward adjustments” are a necessary measure to prevent a total shortage of fuel in the face of a mounting international crisis.
The Ministry’s “GROW” policy—focused on revitalizing the economy and facilitating work opportunities—remains the stated framework for these difficult but essential economic decisions.
At a Glance: New Approved Prices
- Gasoline (PMS) Retail: US$4.87 / L$910.00
- Fuel Oil (AGO) Retail: US$5.78 / L$1,080.00
- Wholesale Gasoline: US$4.59
- Wholesale Fuel Oil: US$5.50