The increase in Libya’s electricity production over the last year has led to the country’s total fuel bill skyrocketing to US$ 12 billion per annum. Bengdara said electricity generation consumes more than US$ 8 bn per annum while nearly US$ 4 bn to supply fuel for other uses. Committee to determine Libya’s actual fuel needsBengdara added that there is no mechanism for determining the quantities of Libya’s actual needs for petrol and diesel. The NOC chairman proposed forming a committee of the Ministries of Economy and Trade, Planning, Finance, and the Oil and Gas as well as the General Electricity Company of Libya (GECOL) and the NOC, to determine the actual fuel needs for electricity and other fuel stations. Analysts say if a strong dictatorship under Qaddafi was unable to increase fuel prices, what chance is there for much weaker transitional governments post 2011.

Source: Libya Today November 06, 2023 07:59 UTC