The Ministry of Commerce and Industry (MOCI) has announced a significant reductions in the prices of steel rods, flour and eggs on the Liberian market.
These price adjustments, according to the Commerce Ministry are part of the government’s ongoing efforts to alleviate the financial burden on consumers and bolster local industry capabilities.
Details of the new pricing structure effective as of July 1, 2024 are Steel Rods prices of various sizes have been reduced by up to US$0.70 per rod, depending on the size, as the new prices includes steel rod 8 mm x 9 mtr: reduced from US$5.25 to US$5.15, and Steel Rod 8 mm x 10.5 mtr: reduced from US$6.10 to US$6.
Steel Rod 10 mm x 10.5 mtr: reduced from US$8.45 to US$8.20, while Steel Rod 11 mm x 10.5 mtr: reduced from US$9.45 to US$9.25, Steel Rod 12 mm x 10.5 mtr: reduced from US$12.85 to US$12.50 and Steel Rod 13 mm x 10.5 mtr: reduced from US$16.10 to US$15.75.
Also, Steel Rod 14 mm x 10.5 mtr: reduced from US$17.35 to US$16.95, Steel Rod 16 mm x 11 mtr: reduced from US$23.95 to US$23.50, and Steel Rod 20 mm x 11 mtr: reduced from US$39.70 to US$39.
Modern Mills of Liberia also announced reductions in the prices of various types of flour, as the new prices are FAB Flour (100 Lbs): reduced from US$44 to US$41, FAB Flour (50 Lbs): reduced from US$22 to US$20.50, FAB Flour (25 Lbs): reduced from US$11 to US$10.25, Lion (100 Lbs): reduced from US$44 to US$40, Lion (50 Lbs): reduced from US$22 to US$20.50, and Lion (25 Lbs): reduced from US$11 to US$10.
While, In fulfillment of the agreement reached with MOCI, Liberian American Poultry, Inc. has also announced reductions in the prices of eggs, as the new prices are large eggs: reduced from US$54-US$52 to US$50 per carton, and small eggs: reduced from US$45-US$44 to US$42 per carton.
Meanwhile, to achieve this new set of price reductions, the ministry said it successfully engaged with local industry stakeholders to address operational cost challenges and reduce market prices for the ordinary Liberians.
These discussions, involving key industry players like Sethi Brothers Inc., Modern Mills of Liberia, and Liberian American Poultry, Inc., leading to an agreements to lower prices for essential commodities such as steel rods, flour, and eggs.
These price reductions are expected to lower the cost of living, increase consumer purchasing power, and stimulate economic activity and making essential commodities more affordable and accessible to the general public.
The Ministry further disclosed that it is currently in discussions with local manufacturers, importers, and supermarkets to reduce or stabilize market prices of essential commodities, and noted that once agreements are reached, the Ministry will announce these price reductions.
In addition, the Ministry so revealed that it is developing programs to support local production through non-fiscal incentives and will closely monitor these initiatives to ensure compliance and market stability.
The Ministry added that it remains committed to implementing measures that stimulate sustainable economic growth, particularly through local value addition, with the goal of improving the standard of living for all Liberia.
