Liberia Petroleum Refining Company — Institutional Report

Institution Overview

• Institution: Liberia Petroleum Refining Company
• Year: 2,024
• Quarter: Annual
• Expenditure (USD): 12,400,000
• Active Employees: 645
• Workforce Size: 700
• Notes: State-owned petroleum refining and storage company. Manages fuel import storage, regional petroleum product distribution, and strategic fuel reserves. Operates the Monrovia storage terminal and coordinates petroleum pricing with the Ministry of Commerce.

Expenditure & Workforce Trends

• 2024 (Annual): Expenditure: 12,400,000 USD · Active: 645 · Workforce: 700
• 2023 (Annual): Expenditure: 11,000,000 USD · Active: 630 · Workforce: 680
• 2022 (Annual): Expenditure: 10,100,000 USD · Active: 615 · Workforce: 660
• 2021 (Annual): Expenditure: 9,200,000 USD · Active: 600 · Workforce: 640
• 2020 (Annual): Expenditure: 8,500,000 USD · Active: 580 · Workforce: 620

National Macroeconomic Indicators

| Indicator | Value | Year | Trend | |---|---|---|---| | GDP (Current Prices) | 5.64 USD Billions | 2026 | up | | International Reserves | 2.9 Months of Import Cover | 2026 | up | | Public Debt | 54.6 % of GDP | 2026 | down | | Inflation Rate (CPI) | 8.2 % | 2026 | up | | GDP Growth Rate | 5 % | 2026 | stable | | Fiscal Deficit | 2.7 % of GDP | 2026 | up | | Current Account Deficit | 14.8 % of GDP | 2026 | up | | LRD/USD Exchange Rate | 183.9 LRD per USD | 2026 | up | | Real GDP Growth Rate | 5.5 % | 2026 | up | | Government Expenditure | 916.6 USD Millions | 2025 | up | | Tax Revenue to GDP Ratio | 15.9 % | 2025 | up | | Poverty Rate | 33.6 % | 2025 | up | | Unemployment Rate | 2.9 % | 2025 | stable | | Non-Performing Loans Ratio | 16.2 % | 2025 | stable | | Government Revenue | 880.7 USD Millions | 2025 | up | | FDI Inflows | 520 USD Millions | 2025 | up | | Capital Adequacy Ratio | 35 % | 2025 | stable | | Mining Sector Growth | 17 % | 2025 | up | | Central Bank Policy Rate | 16.25 % | 2025 | down | | Headline Inflation | 8.5 % | 2025 | down | | Gross Domestic Product (Nominal) | 5.25 USD billion | 2025 | up | | Population Growth Rate | 2.1 % | 2025 | stable | | Tax Revenue to GDP | 15.9 % | 2025 | up | | GDP (current US$) | 5.25 USD billion | 2025 | up | | Primary Fiscal Surplus | 1.4 % of GDP | 2025 | up | | Monetary Policy Rate | 16.25 % | 2025 | down | | GDP per Capita | 915.3 USD | 2025 | up | | Inflation Rate | 6 % | 2025 | down | | Real Non-Oil GDP Growth | 4.57 % | 2025 | up | | Total Population | 5,731,206 people | 2025 | up | | Nominal GDP | 5.25 USD billion | 2025 | up | | GDP per capita | 915.3 USD | 2025 | up | | Inflation Rate (Annual Average) | 8.5 % | 2025 | up | | Current Account Deficit to GDP | 14.4 % | 2025 | down | | Gross Domestic Product (GDP) | 5.25 USD billion | 2025 | up | | Public Debt to GDP | 54.6 % | 2025 | down | | Overall Fiscal Deficit to GDP | 1.1 % | 2025 | down | | Inflation Rate (Consumer Prices) | 6 % | 2025 | down |

National Trade Context

• Year: 2,026
• Total Exports (USD): 199.97
• Total Imports (USD): 261.94
• Trade Balance (USD): -61.97
• FDI Inflows (USD): 0
• Remittances (USD): 84.78
• Top Export Commodity: Rubber
• Top Import Commodity: Fuel

Private Sector Context (National)

• Year: 2,024
• Total GDP Contribution (USD M): 545.5
• ArcelorMittal Liberia: 480,000,000 USD revenue · 3,200 employees
• Firestone Natural Rubber: 185,000,000 USD revenue · 6,800 employees
• BRAC Liberia: 12,000,000 USD revenue · 450 employees
• Save the Children Liberia: 8,500,000 USD revenue · 320 employees
• SME Sector Aggregate: 95,000,000 USD revenue · 18,500 employees

Social Programs (National Context)

• Year: 2,024
• Total Programs: 10
• Total Funding (USD): 20,500,000
• Government-Funded (USD): 10,000,000
• Total Beneficiaries: 460,000
• National School Feeding Program: 4,500,000 USD · Montserrado · government
• Urban Cash Transfer Program: 3,200,000 USD · Montserrado · ngo_donor
• Community Health Worker Initiative: 2,100,000 USD · Nimba · ngo_donor
• County Development Fund Projects: 1,800,000 USD · Nimba · government
• Agricultural Inputs Subsidy: 1,500,000 USD · Bong · government
• Rural Education Support: 950,000 USD · Bong · ngo_donor

National Trade Trends (Multi-Year)

• 2023: Exports: 920 · Imports: 1,340 · Balance: -420 · FDI: 312
• 2024: Exports: 1,304 · Imports: 1,728 · Balance: -424 · FDI: 0
• 2025: Exports: 3,180 · Imports: 3,420 · Balance: -240 · FDI: 520
• 2026: Exports: 199.97 · Imports: 261.94 · Balance: -61.97 · FDI: 0
• 2026: Exports: 3,650 · Imports: 4,000 · Balance: -350 · FDI: 560

Economic Analysis & Outlook

The Liberia Petroleum Refining Company (LPRC) has demonstrated a consistent upward trajectory in its operational expenditure, which rose from 8.5 million USD in 2020 to 12.4 million USD in 2024, reflecting an expanding institutional footprint. With a workforce of 645 active employees out of a total capacity of 700, the organization maintains a high human capital utilization rate that aligns with the broader macroeconomic environment. Given the projected GDP growth rate of 5 percent by 2026 and a nominal GDP reaching 5.64 billion USD, LPRC remains a critical pillar in supporting national energy security amidst a volatile global commodity market. The company's financial growth parallels the nation's push for industrial development, particularly as it navigates a complex fiscal landscape characterized by a 54.6 percent debt-to-GDP ratio and a 16.25 percent central bank policy rate. Sectoral performance for the LPRC is closely linked to the country's reliance on fuel imports, which constitutes a significant component of the trade deficit. While the 14.8 percent current account deficit to GDP by 2026 underscores structural challenges in the balance of payments, LPRC's strategic importance provides a hedge against inflationary pressures, which are expected to stabilize around 8.2 percent. Investment opportunities exist in modernizing downstream infrastructure and enhancing storage efficiency to lower operational costs, though these must be balanced against the risks of currency depreciation, with the LRD/USD exchange rate projected at 183.9. Looking forward, LPRC is positioned to capitalize on Liberia's mining sector growth and increased FDI inflows, provided it maintains disciplined fiscal management and aligns its operational strategies with the national goal of inclusive economic expansion.