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Sunday , January 26 2020

Bahrain govt cuts petrol subsidies – Oman sets new gasoline, diesel prices

DUBAI, Jan 11, (Agencies): Bahrain on Monday announced a hike of more than 50 percent in petrol prices following its cut in subsidies for energy products as oil producing countries struggle with nosediving crude prices.

The government said the price of regular petrol will increase Tuesday from 80 fils (20 cents) per litre to 125 fils (33 cents), an increase of 56.3 percent.

The more expensive super petrol will increase by 60 percent, from 100 fils (27 cents) to 160 fils (42 cents) per litre, it said after a cabinet meeting.

Earlier this month, Bahrain cut government subsidies for diesel and kerosene following similar moves by its Gulf neighbours.

Saudi Arabia in December raised petrol prices by 50 percent as part of subsidy cuts for petroleum products, power and water, after the country posted a record $98 billion budget deficit for 2015.

The United Arab Emirates has liberalised fuel prices, while Kuwait lifted subsidies on diesel and kerosene from the start of 2015.

Arab states of the Gulf, heavily reliant on oil income, have been hit hard by the sharp decline in crude prices.

Meanwhile, Oman has set new selling prices for domestic gasoline and diesel fuels starting this month, state news agency ONA reported on Monday, as part of the Gulf Arab oil exporter’s subsidy reforms to cope with the damage to state finances from low oil prices.

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 Jan 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, Oman’s northern neighbour, 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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