New kerosene, diesel prices on Friday

Manama, Dec.28 (BNA): Energy Minister Dr. Abdulhussain bin Ali Mirza today announced the implementation of the new kerosene and diesel prices on Friday (January 1). "The measure is based on the recommendations of the ministerial committee in charge of financial affairs and rationalized spending", he said, adding that the Cabinet, which convened today, endorsed the new prices. Dr. Mirza was speaking in the post-cabinet meeting press briefing which was held by Information and Parliament Affairs Minister. He underlined the decision of the Cabinet session to continue subsidizing fishermen and bakeries, adding that the readjusted prices, which will take effect on Friday, which play a crucial role in reducing the smuggling of diesel and kerosene. He pointed out that the new prices would contribute to providing financial savings and rationalising energy consumption, adding that the measure was scrutinised in cooperation with the legislative branch of government, taking into account the level of prices in other Gulf Cooperation Council (GCC) states. "The National Oil and Gas Authority (NOGA) has conducted a comparative study of current and new prices in the GCC member states", he said, adding that Bahrain remains competitive, compared with other GCC countries, even after the price readjustment.