Ministry of Economy and Trade Reverses Decision on Setting Vegetable Oil Prices and Warns Against Monopolistic Practices.
libyawire.org > News > Culture > Ministry of Economy and Trade Reverses Decision on Setting Vegetable Oil Prices and Warns Against Monopolistic Practices.
Tripoli, February 15, 2026 – The Ministry of Economy and Trade announced the cancellation of Decision No. (5) for the year 2026 regarding the setting of a selling price for vegetable oil. This move allows organized competitive mechanisms to play their role in achieving price balance.
The Ministry confirmed – in a statement regarding the monitoring of vegetable oil commodity prices – the continuation of monitoring the prices of basic commodities and taking legal measures against any violations or monopolistic practices. This is done in coordination with relevant regulatory bodies and the Central Bank of Libya.
The Ministry explained in its statement that these measures come within the framework of supporting market stability, ensuring the availability of goods, protecting the consumer, and promoting transparency during the 2026 calendar year.
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Tripoli
Tripoli is the capital and largest city of Libya, located on the country’s Mediterranean coast. Historically, it was founded by the Phoenicians in the 7th century BC and has since been ruled by the Romans, Arabs, Ottomans, and Italians, which is reflected in its diverse architecture like the ancient Red Castle (Assaraya al-Hamra).
Ministry of Economy and Trade
The Ministry of Economy and Trade is a government department typically responsible for formulating and implementing national policies related to economic development, commerce, and industry. Its history is generally tied to the modern formation of the state it serves, evolving to manage trade regulations, business incentives, and economic planning.
Central Bank of Libya
The Central Bank of Libya is the country’s primary monetary authority, established in 1956 to issue currency and manage monetary policy. It has played a critical and often divisive role in Libya’s recent history, notably functioning as a unified financial institution during the post-2011 civil war period despite the country’s political fragmentation.
