President Weah Announces Reduction in Gas Price by 14 Cents
President George Manneh Weah has announced the reduction in the pump price of gasoline by 14 cents – a $40LD decrease from the current price of $590LRD.
The decision followed a meeting he held with gas importers and it comes amid the rapid increase in the price of gas from LRD$485 to LRD$590.
It means that pump price of gasoline on the market will be sold at $LD540 as of Friday, July 20 in keeping with the President’s announcement.President Weah said he was concerned about the rapid escalation of prices, and that the announcement signals government’s determination to address the situation and bring relief to the people of Liberia.
“As of tomorrow, the price of gas will be reduced by 14cents, and I want to assure our people that we are working to take further actions,” the President said.
The Liberian leader made the announcement Thursday, July 19, 2018 at the Capitol Building during dedication of two annexes constructed to improve sitting capacity constraints faced by lawmakers over time.
“Before coming here, I held a tete-a-tete with the gas dealers and we have cut down the price of gas on the market by US14 cents; and that is the beginning and it will continue to be cut gradually until we get there,” President Weah stressed.
He said to mitigate the sharp increase in the US Dollars against the Liberian dollar on the Liberian forex sector and to help create stability in the Liberian economy; he will continue to hold discussions with businesses including gas importers and dealers.
President Weah also commented on the uncertainty surrounding the “road funds”; a 30 cent tax placed on a gallon of gas to support the maintenance of roads across the country.
There are reports that some officials of government have secretly been collecting the money said to be in the tune US$55 million. President Weah assured Liberians that those responsible will restore the money no matter what it takes.
The People’s Republic of China funded the construction of the two annexes at the cost of US$12 million as part of its infrastructural development initiative to Liberia.