-Vows possession the “Road funds” will be made to pay back
President George Manneh Weah has announced the reduction in the pump price of gasoline by 14 US cents or 40 Liberian dollar decrease by Friday.
President Weah announced the reduction on Thursday when he dedicated the two annexes of the Legislature which was built by the Chinese government as a grant.
The current price of gas recently jumped to $590 LRD recently. But whether or not the new price reduction will fully come into force immediately will be seen by the end of Friday or Saturday morning.
“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,” an Executive Mansion press release quotes the Liberian leader as saying.
The President’s decision to reduce the gasoline price 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 pronouncement.
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.
“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 of 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.