17 Hrs
Source:
عين ليبيا
Libyan economy faces multiple crises
Libya is facing a severe crisis in electricity and fuel during the summer. Frequent power outages have led to increased running costs for generators, while declining gas production and widespread fuel smuggling have impacted households, businesses, and water supplies. This has resulted in financial losses for the private sector, with diesel prices in the black market reaching $1.70 per liter compared to the heavily subsidized lower price, and long queues forming at fuel stations. The crisis has also led to closures of institutions and halted water projects. It appears that rising temperatures and increased demand for air conditioning, along with decreased gas output, are exacerbating the situation. Additionally, smuggling routes and delays in shipments remain primary factors putting pressure on supply. Economically, despite salary increases in local currency, the decline in exchange rates has caused its real value to drop by about 24%, threatening to produce nominal increases without genuine improvements in citizens' living standards.
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