Due to smuggling, Libya records low revenues of local fuel sales

The fuel smuggling file continues to strain the state’s public funds despite repeated promises by the security services and relevant institutions to curb the issue of fuel smuggling of both “diesel and petrol”.

The latest briefings of the Central Bank of Libya showed that spending on fuel subsidies amounted, during the first nine months of this year, to more than 2.5 billion dinars, while actual revenues for the same period were recorded at 100 million dinars, a big difference between what was achieved in terms of revenues and what was provided from the public treasury to reinforce the support file. The difference here is about 2.4 billion dinars.

The new Central Bank data showed that the expected value of collection in the period between January and last September is estimated at 300 million dinars, with the deficit recording a financial value of 200 million dinars.

In late August, the Presidential Council, in the presence of the Minister of Finance and the Ministry of Economy, Faraj Boumtari, discussed the rationalization of energy use, including the removal of fuel subsidies after completing the technical data and preparing the necessary systems for implementation.

Meanwhile, the National Oil Corporation said earlier that smuggling of fuel costs the public treasury annually more than 750 million dinars.

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