Africa-Press – Liberia. By Lewis S. Teh
Monrovia, April 8, 2026 – Liberia is taking urgent steps to cushion the economic effects of rising global oil prices triggered by the escalating conflict involving Iran, Finance and Development Planning Minister Augustine Kpehe Ngafuan has said.
Speaking on a local radio in Monrovia, Minister Ngafuan described the situation as an “external shock,” warning that Liberia remains highly vulnerable as a net importer of petroleum products. He disclosed that the government has approved upward adjustments in fuel prices to reflect increased import costs but stressed that ensuring steady fuel availability remains the top priority.
According to Ngafuan, Liberia consumes an estimated 7,000 to 9,000 barrels of petroleum products daily, underscoring the importance of fuel for transportation, electricity generation, and healthcare services. Despite reports of fuel shortages in parts of West Africa, he assured the public that Liberia’s fuel supply remains stable.
“Availability is our key goal,” the minister emphasized, noting that fuel stocks are holding steady while supply chains are being closely monitored. He added that strategic reserves are also being carefully managed to prevent any disruptions.
Ngafuan further revealed that the government’s Economic Management Team, comprising key ministries and institutions, is coordinating policy responses to address the potential fallout. These measures include monetary support and targeted interventions in critical sectors.
The healthcare sector, he said, is particularly at risk due to its heavy reliance on fuel-powered generators. As a result, the government is exploring targeted subsidies and supply guarantees to protect health facilities from fuel shortages.
Liberia’s economy, valued at approximately US$4.5 billion, remains susceptible to global shocks. However, Ngafuan expressed cautious optimism, explaining that ongoing economic modeling and analysis are guiding government decisions.
“A world at peace is good for everyone, especially the global economy,” he said, adding that the government’s approach seeks to absorb global shocks while safeguarding domestic economic stability. He noted that additional mitigation strategies are expected to be announced in the coming days.
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