The Head of the Finance and Planning Committee in the General National Congress, Mohammed Imazzeb said that the decision to cut the subsidies on fuel and other oil products will be in effect in the few coming days.
Speaking to Ajwa Net on Saturday, Congressman Imazzeb clarified that the decision orders an increase in the gasoline price to reach 450 dirhams and in the diesel price to reach 650 dirhams, promising that a price-change compensation is to be paid in advance for the citizens.
He added that this decision is going to be in use once the treasury receives the incoming money to guarantee that the citizens will receive the price-change sums beforehand.
“The Salvation Government is going to distribute coupon for private cars and trucks to allow them to buy gasoline and diesel with financial subsidy from the SG to avoid the citizens any consequences that may badly affect the goods and public transport prices.” Imazzeb said.
Libya spent on fuel subsidies almost 23.618 billion dinars from 2012 to 2014, but almost 70% of the subsidies (goods and fuel) are being smuggled outside Libya.