In summary: Liberia’s main opposition party, the Coalition for Democratic Change-CDC has claimed that the price of a 25kg rice and a gallon of gasoline during the first 100 days of President Boakai’s administration increased by LD$300 and L$200 more than what they were on January 22 when he took over as President. We have verified the party’s statement to be misleading.
Moments after President Joseph Boakai reported on the first 100 days of his administration on May 1, highlighting achievements and deliverables, the opposition Coalition for Democratic Change claimed that the prices of major commodities under his [Boakai] administration have increased.
According to the CDC, prices of commodities like rice and gasoline have surged during the President’s first 100 days in office.
The party asserted that a 25kg bag of rice now costs LD$300 more than during the past administration and that gasoline price has soared by LD$200.
The Claim
Said the CDC: “As we release these assessments, the price of 25kg of rice is LD$300 – more than what it was before the Unity Party’s first hundred days. The Price of gasoline sold on the streets as of May 1, 2024, is $1000.00LD – a prohibitive cost so unbearable and more than LD $ 200 of what it was before the hundred days.”
Rating Justification
To verify these claims, LVL Fact Checking Desk launched a search using reputable sources such as the Ministry of Commerce and the Liberia Petroleum Refinery Company. We sought to establish the true market prices before and after Boakai’s first 100 days.
We also checked the prices at various rice retailers and filling stations in Monrovia and its environs to know the current market prices of the two commodities.
Here is what we found:
Prior to President Boakai’s inauguration on January 22, a 25kg bag of rice was sold at a market price of US$17.50 or its Liberian Dollars equivalent of LD$ 3,300 while a gallon of gasoline was sold for US$4.47 or its Liberian Dollars equivalent of LD$845 based on the Central Bank of Liberia exchange rate of LD$189 to $1 at the time.
On February 9, about 18 days into the 100 days, the Ministry of Commerce and the Liberian Petroleum Refinery Company, through a price circular also adjusted the price of a gallon of gasoline to US$4.43 or its Liberian Dollar equivalent of LD$850 at the Central Bank of Liberia exchange rate of USD$1 to LRD$192 at the time.
Meanwhile, twenty-seven days into the first 100 days of President Boakai’s government, his administration through the Ministry of Commerce announced the reduction of the wholesale price of the 25kg rice from US$17 to US$16.7.
The Ministry of Commerce and Industry, following the announcement of the reduction, issued a strong warning to businesses against price hiking noting that “it will not hesitate to institute the appropriate actions against those found to be culpable of selling above the approved price, hoarding rice, and spreading false information to the public to profiteer or cause panic.”
At the same time on April 9, about 78 days into the 100 days, the Ministry of Commerce and the LPRC also sent out a circular reducing the price of the gallon of gasoline on the market by five cents United States (US$0.05).
The new price was established at US$4.38 per gasoline gallon or its Liberian Dollars equivalent of LRD$845 at the CBL exchange rate of US$1 to LR$192.85.
By May 1, 2024, after President Boakai’s first 100 days in office, the price of a 25kg bag of rice on the market had indeed increased, but by LD$150/LD$200 and not the LD$300 claimed by the CDC. Similarly, the price of gasoline slightly increased by LD$5.00 to LD$850 after 18 days into the 100 days and was again reduced to US$4.38 or LD$845, nowhere near the LD$1,000 price claimed by the CDC.
The price of gasoline as announced by the authority is still effective. Our findings from three major filling stations (Conex, NP, and PetroTrade) across Monrovia show that a gallon of gasoline is still sold at US$4.38 or its Liberian Dollars equivalent of LR$845.
The price of gasoline at major filling stations in Monrovia and its environs is LD$845.00
Conclusion
When President Boakai was inaugurated on January 22, the price of the 25kg rice was at LRD$3,300 and is now sold at LD$3450. This shows an increase of LD$150 and not LD$300 as claimed by the CDC. Gasoline price was increased by LD$5.00 after the first 18 days into the 100 days but was reduced to LD$ 845 up to the time for the production of this report.
Editor’s note: This report was produced before news surfaced about a possible increment in the price of Indian parboil price on the Liberian market.
This report is produced with funding from the USAID Media Activity. The funder has No say in the editorial decisions leading to the production of this content.