Bahrain’s Cabinet approves gasoline price changes

Manama, Jan. 11 (BNA): 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, will be set at 160 fills per litre, and the price of 91 octane will be set at 125 fills per litre. The new prices will come into effect on Tuesday 12 January 2016. Bahrain’s Minister of Energy, His Excellency Dr Abdul Hussain bin Ali Mirza, said that the Cabinet’s decision forms part of the government’s wide-ranging programme of structural economic and fiscal reforms, which will further strengthen the country’s long-term development. The Energy Minister noted that the decision would 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%. The Energy Minister said that the action announced follows similar steps taken by Bahrain’s GCC counterparts and that the amended gasoline price would be similar to prices in other GCC countries. Dr Mirza also noted that the price of gasoline has remained unchanged for 33 years and that the amended price would 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.