Lang
Libya’s Ministry of Economy and Trade under the Government of National Unity issued official Statement No. 4 of 2026, canceling a previous decision that had set selling prices for vegetable oils.
The move aims to restore market balance through free competition mechanisms.
Price Liberalization and Link to Foreign Currency
The decision, issued on February 15, 2026, came in response to the Central Bank of Libya’s announcement activating the foreign currency sale and allocation system for the current year.
The first clause of the statement canceled Decision No. 5 of 2026 concerning the setting of selling prices for vegetable oils.
The ministry said the aim of the cancellation is to allow competition mechanisms to play their natural role in achieving price balance in markets instead of compulsory pricing.
Monitoring Continues
Despite liberalizing prices, the ministry confirmed that it retains the right to intervene directly if any unjustified price deviations are detected.
The second clause also stated that regulatory bodies will continue monitoring prices of essential commodities and will take strict legal measures against any violations or monopolistic practices, in coordination with the Central Bank of Libya and relevant authorities.
Consumer Reassurance
The ministry concluded its statement by emphasizing that these measures are part of efforts to support market stability, ensure commodity availability, protect consumers, and enhance transparency in commercial transactions during 2026.