Manama: Bahrain has increased the price of gasoline, linking the decision to “the unprecedented drop in global oil prices.”
“As part of the Kingdom of Bahrain’s comprehensive economic and fiscal reform programme, the Cabinet today approved an amended price of gasoline sales,” a statement carried by Bahrain News Agency (BNA) said. “The decision follows recommendations from the Executive Committee, as outlined in a memorandum submitted to Cabinet by the National Oil and Gas Authority.”
The price of 95 Octane, will be set at 160 fils per litre, and the price of 91 octane will be set at 125 fils per litre. The new prices come into effect on Tuesday.
Energy Minister Dr Abdulhussain Mirza, said that the Cabinet’s decision “forms part of the government’s wide-ranging programme of structural economic and fiscal reforms that will further strengthen the country’s long-term development.”
The minister added that the decision would “contribute to addressing current fiscal challenges faced by Bahrain, as a result of the unprecedented drop in global oil prices, which has seen the price of oil per barrel decline by over 60 per cent.”
He said that the action announced follows similar steps taken by fellow Gulf Cooperation Council (GCC) countries and that the amended gasoline price would be similar to prices in other GCC countries.
The GCC, established in 1981, comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
Dr Mirza also said that the price of gasoline has remained unchanged for 33 years and that the amended price would “promote efficient use of energy sources, have a positive impact on both the economy and the environment, and contribute to the Kingdom’s long-term fiscal stability.”