The present invention is related to a device and method for dispensing dual component liquids or concentrates packaged in separate containers to provide protection from effects such as oxidation and moisture loss. The liquids or concentrates can be dispensed through a pumping system, preferably including a peristaltic pump, mixed together, and optionally diluted with another liquid, such as water, to provide a consumable beverage. In addition, the device of the present invention can dispense liquids or concentrates having different viscosities, such that they are mixed together in the proper ratio.