The Head of the Presidential Council, Mohammed Menfi, revealed in a series of posts on X platform a plan to end the oil-for-fuel exchange process, saying that this step comes within the framework of the government's efforts to enhance transparency and combat corruption in the oil sector, based on the political roadmap and UN Security Council resolutions.
Menfi stressed the importance of effective Libyan oversight, especially the role of the High Finance Committee in managing oil and gas revenues in a transparent and fair manner. He explained that the plan included forming a joint subcommittee affiliated with the High Finance Committee, which includes relevant oversight bodies and institutions, to enhance the governance of oil marketing contracts and fuel purchases, as well as control operations according to actual needs.
Menfi stressed that financial reform constitutes a single package that began with the governance of the Central Bank, pointing to the need to implement joint national supervision over oil marketing operations and fuel purchases, and to establish effective mechanisms to enhance transparency and accountability.
A confidential report by the Audit Bureau for the fiscal year 2023 showed the continuation of the approach of exchanging crude oil for fuel, indicating that the volume of subsidies reached more than 41 billion dinars. The report revealed that this amount was spent without being logged in the records of the Ministry of Finance, which caused the state’s financial data to be distorted and presented in an untrue manner.
