Central Bank of Libya (CBL) Governor, Saddek El-Kaber, met in his Tripoli headquarters today with National Oil Corporation (NOC) chairman, Farhat Bengdara. GECOL’s increased fuel subsidies in terms of the subsidised fuel that GECOL receives is a function of the success in generating more electricity. But solving Libya’s previous power generation deficit has created a huge fuel subsidies bill. This would expose the true value of fuel subsidies and awaken the Libyan public to the real cost of fuel subsidies – and failure to pay their electricity bills. This is the reference to ”the (CBL’s) support for the National Oil Corporation to raise oil and gas production according to the plans drawn up by the Corporation.
