MONROVIA — The Government of Liberia has announced new increases in the prices of petroleum products on the local market, citing rising global oil costs triggered by the escalating conflict involving Iran, the United States, and Israel.
The adjustments were announced jointly by the Ministry of Commerce and Industry and the Liberia Petroleum Refining Company through a petroleum products monthly price circular released on Saturday.
New Fuel Prices
According to the circular, the retail pump price of gasoline (PMS) has increased to US$4.87 per gallon, equivalent to L$910, while fuel oil (AGO/diesel) will now sell at US$5.78 per gallon, or L$1,080.
The wholesale price for gasoline has been set at US$4.59, while diesel will sell wholesale at US$5.50.
Officials said the adjustments represent increases of US$0.85 for gasoline and US$0.90 for diesel on the Liberian market.
The government also announced new pricing for other petroleum products. Jet fuel (Jet A-1) has been adjusted to US$7.57 per gallon, while Heavy Fuel Oil (HFO) will now sell at US$1,112.70 per metric ton.
The Ministry of Commerce said the new prices took effect March 14, 2026, based on the prevailing exchange rate of L$187 to US$1 set by the Central Bank of Liberia.
War-Driven Global Price Shock
The latest adjustments come amid a sharp spike in global oil prices following the outbreak of war involving Iran, Israel, and the United States, which has severely disrupted global energy supplies.
Energy markets have been rattled as attacks on oil infrastructure and shipping lanes in the Strait of Hormuz — a corridor that carries roughly 20 percent of the world’s oil supply — have disrupted exports from the Gulf region.
The crisis has driven crude oil prices above $100 per barrel, the highest level in years, after fears that the conflict could significantly reduce global supply.
Analysts say the disruptions have already triggered the largest global oil supply shock in history, with production losses estimated at millions of barrels per day.
As a result, fuel prices have risen in dozens of countries around the world as governments adjust domestic pump prices to reflect rising international costs.
Government Warns Against Price Gouging
The Ministry of Commerce said its Inspectorate Team will actively monitor fuel retailers across Liberia to ensure that service stations comply with the newly approved ceiling prices.
Authorities warned that businesses that arbitrarily raise pump prices beyond the approved limits could face sanctions.
“The Ministry will closely monitor the effectiveness of the price circular to ensure that importers do not undercut fellow competitors or hoard petroleum products on the market,” the circular stated.
Impact on Consumers
Fuel price adjustments in Liberia typically have ripple effects across the economy, particularly in transportation and food prices, because fuel is a major cost component for trucking, shipping, and public transportation.
Economists warn that sustained global oil price increases could place additional pressure on households and businesses already dealing with rising costs.
With the Middle East conflict continuing and global energy markets remaining volatile, analysts say fuel prices may continue to fluctuate in the coming months.
For now, Liberian authorities say they will continue monitoring international market trends while working with the LPRC and petroleum importers to stabilize the country’s fuel supply.
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