The Liberian government, through the Liberia Petroleum Refining Company (LPRC) and the Ministry of Commerce & Industry, has announced an increase in the prices of gasoline and diesel fuel on the Liberian market mid-March, All Africa reported.

The new prices have increased from $3.16 to $3.26 for a gallon of gasoline, while the retail pump price for a gallon of diesel fuel has increased from US$3.13 to $3.26, Front Page Africa informed.

According to the government, the decision to increase the prices of gasoline and diesel fuel is a result of a shift in the perimeter that is frequently used to determine the prices of these products in the country.

The Ministry of Commerce inspectorate stated in a press release that it will closely monitor the approved prices to avoid the hike in the prices of fuel on the local market.

The release also says that the Ministry will be closely monitoring the effectiveness of the price circular to ensure that importers do not undercut fellow competitors on the market.