EconomyWorld’s Cheapest Fuel Leaves Libya Short as Smugglers Cash In

Libya has Africa’s largest crude reserves but imports most of its fuel and sells it for less than three cents a litre, the world’s lowest price. Subsidies keep official prices down while driving smuggling and a thriving black market, leaving truck drivers waiting days for diesel. The government is expected to import $15bn of fuel this year, with up to half believed to be smuggled out, prompting calls to end subsidies and invest in infrastructure.