The Ministry of Commerce and Industry (MOCI), in close consultation with the management of the Liberia Petroleum Refining Company (LPRC), have announced the reduction in the price of Petroleum Products Monthly Price Circular for gasoline (PMS) and fuel oil (AGO) on the Liberian market, effective June 18, 2026.
The Ministry informs the public that the prices of both gasoline (PMS) and fuel oil (AGO) have been reduced. Gasoline (PMS) has decreased by US$0.15, while fuel oil (AGO) has been reduced by US$0.30.
New Price Ceiling for Petroleum Products goes into effective Thursday, June 18, 2026, with the approved prices for Petroleum Product at:
Wholesale Selling Price (USD)
Retail Pump Price (USD / LD)
Gasoline (PMS)
US$4.66
US$4.94 / L$905.00
Fuel Oil (AGO)
US$5.97
US$6.25 / L$1,145.00
The statement further states that the exchange rate applied for this circular is L$183.1427 to US$1.00, as published by the Central Bank of Liberia (CBL) on June 15, 2026.
The statement further commands that the Ministry of Commerce and Industry (MOCl) and the Liberia Petroleum Refining Company (LPRC) Inspectorate Team will closely monitor the approved ceiling prices to prevent arbitrary increases in the pump prices of gasoline and fuel oil on the local market. The Ministry will also monitor the effectiveness of the price circular to ensure that importers do not undercut fellow competitors or hoard petroleum products on the market.
The downward adjustment in petroleum prices is expected to provide some relief to consumers and businesses and underscores the continued collaboration between the Ministry of Commerce and Industry and the Liberia Petroleum Refining Company in ensuring price stability and the steady supply of petroleum products across the country.
The reduction in the prices of Fuel and Gasoline comes leas than 24 hrs to the formal signing of a MOU Between the US. And Iran.
This week, the United States and Iran have signed a 14-point interim peace agreement that mandates the immediate reopening of the Strait of Hormuz, ending a months-long naval standoff and energy crisis.
The deal, known as the “Islamabad Memorandum of Understanding (MoU),” was electronically signed by U.S. President Donald Trump and Iranian President Masoud Pezeshkian. It establishes an immediate 60-day ceasefire to pave the way for broader diplomatic negotiations.
Under the terms of the accord, Iran has agreed to instantly reopen the Strait of Hormuz to commercial vessels toll-free for the next 60 days.
In return, the United States has agreed to immediately lift its strict naval blockade on Iranian ports.
Maritime operations have begun ramping up. Several major vessels—including three Saudi Arabian supertankers carrying 6 million barrels of oil and multiple Iranian cargo ships—have successfully crossed the former blockade lines.
While traffic is increasing, global shipping bodies note that normal transit levels will take weeks to fully recover. Ship owners remain cautious due to potential backlogs, transit protocols, and the ongoing need for maritime demining operations to clear deployed explosives.
The breakthrough has drastically eased fears of a prolonged global energy crisis. Global oil benchmarks have tumbled significantly; Brent crude fell below $78 a barrel, a sharp decline from its wartime peak of over $125 a barrel.
Beyond the maritime opening, the broader U.S.-Iran agreement establishes several critical guidelines for the 60-day negotiation window:
The U.S. Department of the Treasury is issuing immediate waivers for Iranian crude oil exports, petroleum derivatives, and associated banking and transport services.
Iran has reaffirmed its commitment not to develop nuclear weapons. At a minimum, Tehran has agreed to “down-blend” (dilute) its existing enriched uranium stockpile on its own soil under the supervision of the International Atomic Energy Agency (IAEA).
The agreement declares an immediate termination of military operations on all fronts, explicitly including Lebanon. This requires Iran to rein in Hezbollah, though Israel was not a direct party to the negotiations.
The framework includes provisions for a proposed $300 billion U.S.-backed economic package and the eventual unfreezing of Iranian assets, though permanent sanctions relief is strictly tied to a finalized nuclear settlement.
President Trump has vigorously defended the deal against domestic political critics who labeled it “appeasement”, warning that the U.S. stands ready to immediately reinstate an “ironclad blockade” and resume military strikes if Tehran violates any terms of the agreement. Implementation and technical talks between the two nations are ongoing in Switzerland.
