The United Nations has asked the government, which it backs, and the rival forces from eastern Libya to engage in the truce.
"Responding to the United Nations Support Mission in Libya, we are announcing that we are committing a humanitarian truce during the holy Eid al-Adha holiday," the statement read.
The council said all the conflicting side should stick to the truce, which will entail all embattled regions and include the full ceasing of direct and indirect firing and a ban on air flights, including those conducted by reconnaissance planes, across the whole airspace from all airbases.
This year, Eid al-Adha is celebrated from Sunday to Thursday.
The conflict between Libya’s western-based UN-backed government and the eastern-based parliament, supported by the Libyan National Army, has been underway since the country’s long-time leader, Muammar Gaddafi, was overthrown back in 2011.
It further escalated as the army began its offensive to capture the capital of Tripoli, where the government seats, in April.