127 Days
Source:
عين ليبيا
Source: عين ليبيا
127 Daysعين ليبيا
Source: عين ليبيا
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Libyan Oil Minister Hosni discusses the issue of fuel subsidies in the country, explaining that the problem lies in the current subsidy mechanism, which transforms it into a source of financial waste and smuggling rather than protecting consumers. He pointed out that the gap between the domestic sale price and the import and distribution costs encourages smuggling activities. As a result, Libya loses between 5 to 6.7 billion dollars annually due to this waste and smuggling. Meanwhile, fuel imports for 2024 have exceeded 9 billion dollars, with estimates predicting that the energy subsidy bill will reach 17 billion dollars. Hosni proposes replacing direct government subsidies with monthly cash support, aimed at reducing non-essential fuel demand, safeguarding foreign exchange reserves, reducing poverty, and increasing citizens' purchasing power, while ensuring that this does not impact inflation if implemented gradually. He believes that comprehensive financial reform could contribute to stabilizing the Libyan economy, decreasing reliance on government support, and addressing the smuggling phenomenon by eliminating large price disparities that create illegal incentives.
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