It will be recalled that earlier this month, Libya’s Audit Bureau sent a letter to the NOC instructing it to stop the barter system in importing fuels from international fuel refineries. In response, the NOC protested the Audit Bureau’s instructions, considering its implementation would lead to a shortage of petrol and diesel. The Public Prosecutor’s Office announced on the 5 May 2022 the opening of an investigation into the allegations. Independent commentators consider barter system incorrect or illegalSeveral independent-of-government commentators that Libya Herald spoke to about the import of fuel through the barter system using crude oil said the procedure was incorrect or illegal. The barter system is also criticised for distorting the CBL regular data bulletins and concealing the government’s true spending figures.

Source: Libya Today January 25, 2023 22:02 UTC