The Tripoli based Libyan government announced yesterday that, in accordance with the Prime Minister’s directives, a comprehensive monitoring campaign was launched yesterday, aimed at controlling the prices of essential commodities. This will be achieved through intensified inspection tours of supplier warehouses across various regions.
Various government media pages have shown food factories being inspected and grilled about their prices and supply operations.
Guaranteeing reasonable prices for consumers
The government said the campaign aims to combat all forms of monopoly and illicit speculation, ensure compliance with officially approved prices, and prevent the hoarding or withholding of goods from the market. This will guarantee their availability, stability, and regular access to citizens at reasonable prices.
The campaign involves the Law Enforcement Department of the Ministry of Interior and the Municipal Guard, in coordination with the Ministry of Economy and Trade, as part of the government’s efforts to protect consumers, enhance market oversight, and enforce the rule of law.
The government said this campaign is part of an ongoing plan to monitor market activity and address violations, while taking deterrent legal measures against anyone found to be manipulating prices or violating supply and distribution regulations.
Call on citizens to report violators
The relevant authorities also called on citizens to cooperate and report any violations or practices that harm supply stability or infringe upon consumer rights, emphasizing that protecting citizens’ purchasing power is a top priority for the government.
Ramadan starting in less than 2 months
The price-control campaign comes with the high food consumption fasting month of Ramadan starting around 18 February and a background of the dinar falling to around 8.80 per US$ – making most imports even more expensive.
An estimated 80 percent of Libya’s food is imported, importing with it increased prices, inflation and a fall in standards of living. The Tripoli government is, therefore, worried that a lack of supply, goods-hoarding or price-fixing might exacerbate this.
Big importers get Letters of Credit for their imports
From another perspective, the government feels that the biggest importers of essential commodities have access to Letters of Credits which are at a cheaper rate than importing through the black-market. To this end, the government expects these importers not to price-hike or hoard goods in the run-up to Ramadan.
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With Ramadan looming, PM Aldabaiba follows up on goods availability and prices
