Libyan dictator Moammar Gadhafi has been killed, Libyan Prime Minister Mahmoud Jibril said today.

The flamboyant tyrant who terrorized his country and much of the world during his 42 years of despotic rule was reportedly cornered by insurgents in the town of Sirte, where Gadhafi was born and which was a stronghold of his supporters.

National Transition Council leaders said Gadhafi's son, Motassim, was also killed though another son, Saif Al-Islam, fled Sirte in a convoy. Three of Gadhafi's children are in Algeria, and NTC leaders say they will ask the neighboring country to send them back.

"We have been waiting for this moment for a long time. Moammar Gadhafi has been killed," Jibril said at a news conference in Tripoli.

He added that the rebel government will wait until later today or Friday to officially declare what it calls a state of liberation.

The National Transition Council earlier today said that its fighters found and shot Gadhafi in Sirte, which finally fell to the rebels today after weeks of tough fighting. Rebels now control the entire country.