Mohammed Menfi, head of Libya’s Presidential Council, announced plans to end the oil-for-fuel exchange to improve transparency and combat corruption in the oil sector, in line with the political roadmap and UN resolutions.
He highlighted the role of the High Finance Committee in overseeing oil and gas revenues fairly. Menfi proposed creating a subcommittee to manage oil contracts and fuel purchases efficiently.
Menfi emphasized the need for national oversight in oil marketing and fuel transactions, aiming to establish effective mechanisms for transparency and accountability.
A 2023 Audit Bureau report revealed that over 41 billion dinars in subsidies were not recorded in the Ministry of Finance, distorting the state’s financial data.
Menfi’s initiative aims to address these issues, ensuring Libya’s financial data is accurate and strengthening governance in the oil sector.