Oil expert Masoud Shriha commented in a statement to our source on the remarks made by Libyan businessman Husni Bey regarding the replacement of subsidies, saying: “Replacing subsidies will not change the economic situation — it will only increase the burden on Libyans at this time.”
He said: “According to the Central Bank’s report, revenues from fuel sales amounted to only 154 million Libyan dinars for 2024, while the Central Bank was supposed to receive around 2.8 billion LYD — meaning it only received 5% of fuel revenues. The question that arises is: where did the other 95% of the fuel revenues go?”
He continued: “In the event that subsidies are replaced, the situation will remain unchanged simply because the revenues won’t reach the Central Bank. Therefore, replacing the subsidies will only increase the burden on both the people and the Central Bank.”
He added that the current head of the National Oil Corporation is completely incapable of managing oil marketing, which is clearly evident in his public statements — a fact that all Libyans seem to agree on. He emphasized that the credibility of OPEC, Central Bank, and other local and international reports should not be questioned by any institution that lacks transparency and operates on the basis of regionalism and tribal favoritism rather than equal opportunity.
