IPNEWS: The Managing Director of the Liberia Petroleum Refinery Company (LPRC), Amos Tweh, has delivered a remarkable year-end report, showcasing transformative progress under his leadership since January 2024.
The LPRC, one of the government’s largest state-owned enterprises, plays a critical role in regulating petroleum activities and stabilizing pump prices to support Liberia’s economy. Speaking to the media over the weekend, Mr. Tweh outlined the strides made during his tenure, including a significant reduction in petroleum pump prices.
Under Tweh’s leadership, gasoline prices have dropped from fluctuating between L$900 and L$850 to a stable L$705. He attributed this achievement to strategic measures, including President Joseph Boakai’s executive order suspending a 20% surcharge and a reduction in LPRC storage fees by five cents per gallon.
Expanding Infrastructure
Highlighting infrastructure projects, Tweh revealed that construction is underway for a state-of-the-art tank farm dedicated to petroleum storage and a sophisticated laboratory to ensure the quality of products before they reach consumers. These projects are expected to be completed by 2025, marking a significant milestone for the LPRC.
Addressing Concerns Over Importation
Responding to concerns that LPRC’s involvement in petroleum importation could undermine private importers, Mr. Tweh clarified the rationale behind the decision. He noted that no country relies solely on the private sector to import petroleum, given its critical role as a political and economic commodity.
“The government’s involvement ensures stability in the supply chain and protects the country from potential shortages that could spark public unrest,” Tweh stated.
He assured stakeholders that LPRC would not compete with private importers but instead supply products at nearly the same price they would incur from external suppliers. Tweh emphasized the government’s commitment to fostering a fair and inclusive market.
Resolving Salary Disparities
Tweh also addressed internal reforms at LPRC, citing the resolution of significant salary disparities. He disclosed that all employees now receive fair pay and benefits aligned with their responsibilities, a stark improvement from previous practices.
A Vision for Stability and Growth
The Managing Director reaffirmed his commitment to balancing the interests of all stakeholders, including importers and distributors, to maintain stability in the petroleum sector and contribute to Liberia’s economic growth.
“We are working to protect everyone’s interests while ensuring a stable and sustainable petroleum industry,” he concluded.
With these initiatives, Amos Tweh’s leadership at the LPRC is poised to leave a lasting impact on Liberia’s petroleum sector and broader economy.
