Dubai - New prices in Bahrain to be effective from Tuesday, while in Oman it will be from January 15.
Published: Mon 11 Jan 2016, 5:47 PM
Updated: Mon 11 Jan 2016, 7:57 PM
Gasoline prices in Bahrain and Oman were increased on Monday, as part of the effort of the nations to boost revenues hit by slumping oil prices.
The Bahraini cabinet said in a statement carried by state news agency BNA on Monday that its weekly meeting set the new price for super fuel at 160 Bahraini fils ($0.424) per litre from 100 fils, while the price for regular fuel would be raised to 125 fils per litre from 90 fils. The new prices will take effect on Tuesday.
Like other Gulf oil-exporting states, Bahrain has for many years subsidised goods and services such as food, fuel, electricity and water, keeping prices ultra-low in an effort to maintain social order.
But since its oil income began to fall last year, the government's budget deficit has widened and the subsidies have become much harder for Bahrain to afford.
Oman's state news agency ONA reported that the new price for gasoline 95 octane will be 0.160 rials ($0.4156) per litre, while the price for 90 octane will be 0.140 rials per litre. The price for diesel will be 0.160 rials per litre, ONA said. No changes in prices will be introduced to the jet fuel, it added.
The new prices will become effective starting from January 15, and will be reviewed monthly, ONA said.
Oman, a small oil exporter, has been hit hard by low oil prices. Last month, oil exporting giant Saudi Arabia announced its biggest economic shake-up in more than a decade, including spending cuts, subsidy reforms and a drive to raise revenues from taxes and privatisation.
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