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 « Financial Highlights »  FINANCIAL REVIEW 2015-2016

Petroleum products procured by registered Petroleum importers levies storage fees on products stored in its facilities. The present storage capacity of tanks at LPRC is 56,643 Metric Tons, as described below:
The Finance Department is responsible for handling the Financial Activities of the Company. It is headed by the Financial Comptroller, Mrs. Elizabeth M. Tubman White. The Finance Department is comprised of the following Sections. Namely: Product Delivery, General Accounting and Budget Management.
The Department`s functions amongst others include, but not limited to: financial statements preparation, billing customers, accounting for cash receipts and cash disbursed, issuing Licenses, distributing and loading Tankers, etc. The department has been robust in these core function areas over the years. Thus ensuring that the company finances remain intact at all times.
Financial Highlights:
  • The company during the year, changed its reporting period from January – December, to July-June, consistent with Government of Liberia`s Fiscal Period.
  • The company`s Account Receivables increase by $ 19,552,884 or by 348% vs. 2014. The  increase is due to change in Storage and Handling fees by 150%, from $ 0.20 to $.50.
  • LPRC`s Net Income during 2015/2016, increase by $ 713,844, or by 96% from 5,938,805 in 2014, to $ 11,652,649 in 2015/2016
  • Operating Expenses reduced by $ 372,727, or 3% in 2015/2016, from 13,356,859 in 2014, to $ 12,984,132 in 2015/2016.
  • Financial Statements contained in this Annual Report are Unaudited. Therefore, these financials represent Management`s Report.
  • LPRC in collaboration with the Government of Liberia, during the year under review, introduced a $ 0.50 per Gallon tariff on Premium Mogas and Oil Gas for the establishment of Road Fund. Twenty-five cents of tariff is allocated to the fund. Since its establishment, $ 15,255,044 has been accrued in Receivables.   
Graph #1: Net Income, Revenue, Operating Exps, and total Assets
Table#1: Financial Performance

Year 2015/2016

Year 2014

Net Income



Operating Expenses



Total Assets



Total Revenue



Using This Annual Report
The Corporation`s financial statements consist of three statement- Statement of Changes in Financial Position, statement of Revenue, expenses, and changes in net assets; and statement of cash flows, including resources held by the company. These financial statements and related notes provide information about activities of the company. The company is accounted for as a business-type entity and therefore presents its financial statements using the Generally Accepted Accounting Principles (GAAP), and the accrual basis of accounting.

The Statement of Changes in Financial Position and Revenue, Expenses and changes in Net Assets
One of the most important questions asked about LPRC`s finances is, “LPRC, as a whole, better or worse off as a result of the year`s activities?” The Statement of Changes in Financial Position and the Statement of Revenue, Expenses and changes in Net Assets report information about LPRC`s resources and its activities in a way that helps answer this question. These statements include Assets and Liabilities using the accrual basis of accounting. All of the current year`s revenues and expenses are taken into account regardless of when cash is received of paid.
These two aforementioned statements report the company`s net assets and changes in them you can think of LPRC`s net assets- the difference between assets and liabilities- as one way to measure the Corporation`s financial health, or financial position. Over time, increases or decreases in net assets are indicators of whether the company`s financial health is improving or deteriorating. 
The Statement of Cash Flows
The final required statement is the statement of cash flows. This statement reports cash receipts, cash payments and net changes in cash resulting from operating, investing and financing activities. It provides answers to such questions as where did cash come from, what was cash used for, and what was the change in the cash balance during the reporting period.
Contacting LPRC `s Financial Management 
This financial is designated to provide our customers, supplies, taxpayers and most importantly, our lone shareholder, the Government of Liberia (GOL); with a general overview of Liberia Petroleum Refining Company`s Finances and to show LPRC`s accountability for its stewardship of the Liberia Petroleum Refining Company.          


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