Tripoli: The National Oil Corporation (NOC) has reiterated its unwavering dedication to transparency and disclosure in all procedures related to the sale and purchase of crude oil and petroleum products. These transactions are conducted through the Libyan Foreign Bank (LFB) and are closely monitored by the relevant regulatory authorities.

According to Libyan News Agency, the NOC emphasized in a statement that petroleum products supplied to the local market are procured through letters of credit, which are opened in favor of suppliers by the LFB. These are funded by oil revenues following a mechanism agreed upon with the Ministry of Finance and the Central Bank of Libya (CBL), under the oversight of regulatory authorities and the Attorney General's Office.

The NOC further explained that all oil revenues are deposited with the LFB, which subsequently transfers them to the CBL after deducting the value of the letters of credit for petroleum suppliers. This mechanism has been operational since February 2026. Additionally, the NOC confirmed that the barter system has been suspended since March 2025. Due to the absence of a budget for April 2025, in-kind collateral amounting to $586.9 million is required for petroleum product deliveries.

The corporation released a comparison of exported quantities and oil revenues for April 2025-2026. For April 2025, the revenues amounted to $586 million in in-kind collateral, while for April 2026, the revenues increased to $917 million through letters of credit facilitated by the LFB. This $331 million increase is attributed to rising global fuel prices.