Bahrain increases price of petrol following subsidies removal

Price of petrol has gone up between 12% and 25% as the government seeks to cut down on spending
Bahrain increases price of petrol following subsidies removal
The moves comes as part of a larger Bahraini effort to reduce government expenditures following 2014’s collapse in oil prices.
By Bernd Debusmann Jr
Wed 10 Jan 2018 11:17 AM

Bahrain has lifted some subsidies on petrol, Bahraini authorities have announced.

According to new petrol prices released by Bahrain’s National Oil and Gas Authority, prices have now gone up between 12 and 25 percent, depending on the grade of petrol.

The moves comes as part of a larger Bahraini effort to reduce government expenditures following 2014’s collapse in oil prices.

This year, the government has also sought to increase revenue by introducing an excise tax on tobacco products, energy drinks and soft drinks, following similar moves by the UAE and Saudi Arabia.

Earlier this week, Bahraini Prime Minister Prince Khalifa bin Salman Al Khalifa ordered that a study be conducted on government subsidies to low and medium income citizens to ensure that they continue to receive government aid and see how they can be restructured, according to local media reports.

In April, Bahrain’s energy minister said he expects the kingdom to save $1.6 billion (BD620m) by 2019 through its various cuts and redirecting of subsidies.

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Last Updated: Wed 10 Jan 2018 10:54 AM GST

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