Prime Minister Abdul Hamid Dbeibeh is considering plans to scrap fossil fuel subsidy in attempt to stop smuggling. Speaking during a cabinet meeting in Gharyan today, Dbeibeh affirmed that ending fuel subsidization is the only way to end smuggling and disrupt the black market. Public sector wages and salaries and food and fuel subsidies constitute more than half of the spending in the Libyan state budget. Earlier this week, Farhat Bengdara, Chairman of the National Oil Corporation (NOC), unveiled staggering annual fuel costs, exceeding $8 billion for electricity stations and around $4 billion for various other uses. In a meeting with Dbeibeh on November 8, Bengdara, pointed out that there is no mechanism that determines the need levels for gasoline and diesel.

Source: Libya Today November 09, 2023 20:14 UTC