The Liberian Senate has commended the Executive Branch of Government through the Liberia Petroleum Refining Company (LPRC) for adhering to its mandate in the successful implementation of new petroleum pricing adjustments to strengthen national revenue and support critical development programs. The adjustments, as directed by the Presidency, introduce two key components within the petroleum pricing structure: a US$0.02 per gallon charge designated to support Government social programs, and a US$0.09 per gallon charge earmarked for county equipment support.
These charges, replacing the previous financing cost, amount to a combined US$0.11 per gallon increase, which is projected to generate an estimated US$17 million annually. This projection is based on petroleum import volumes of 154,652,417 gallons. According to a release, these reforms were initiated after a comprehensive public hearing convened by a joint Senate committee. The committee engaged key stakeholders from the downstream petroleum sector to thoroughly assess the fairness, transparency, and effectiveness of the existing pricing structure.
The hearings provided an open forum where industry actors, government representatives, and the Senate collectively deliberated on the economic and social implications of the adjustments. The outcome of these engagements revealed broad consensus that aligning petroleum pricing with national development priorities would yield positive benefits for the Liberian people, while also enhancing accountability in revenue generation. Following the conclusion of the hearings, the joint committee compiled and submitted a detailed report to the Plenary of the Liberian Senate. Senators subsequently engaged in extensive debate, offering varied perspectives and constructive inputs into the findings.
After a vigorous exchange of views, the Plenary endorsed the committee’s recommendations and formally submitted the report to Joseph Nyuma Boakai, Sr. for action. The leadership of the Senate also emphasized that the Petroleum Sector plays a vital role in Liberia’s economy, and as such, it remains under close legislative oversight. The body stressed that the new adjustments will not only provide sustained funding for social programs but also facilitate county-level infrastructure development through equipment support.
“The Senate takes seriously its oversight responsibility to ensure that decisions taken in the petroleum sector are in the best interest of the Liberian people,” the release noted. “These adjustments reflect a collective effort to balance fair pricing with the urgent need to generate revenue for national development priorities.” In expressing gratitude, the Senate lauded the collaborative efforts between the Legislature and the Executive in ensuring that the petroleum pricing structure is aligned with the Government’s broader development agenda.
The Senate’s commendation underscores a shared commitment by both branches of government to foster economic growth, enhance social programs, and empower counties with the resources needed to drive grassroots development across Liberia.
