(Image source from: Bahrain hike oil prices})

Bahrain has hiked the gasoline prices when “global oil prices dropped unprecedently.” Increased prices are being effected from Tuesday.

Bahrain News Agency (BNA) reported that, “As part of the Kingdom of Bahrain’s comprehensive economic and fiscal reform programme, the Cabinet today approved an amended price of gasoline sales. 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 and 91 Octane will be 160 fils per litre and 125 fils per litre, respectively.

Dr Abdulhussain Mirza, the energy minister said, that,  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.” He added that, the decision will “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 also said that, all countries of Gulf Cooperation Council (GCC),  Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates follows the similar action. The GCC was founded in 1981. Dr Mirza added that, the rates of gasoline was same from last 33 year, do the changed price will “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?”

Nandini