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Bahrain Raises Gasoline Prices

Bahrain Raises Gasoline PricesBahrain Raises Gasoline Prices

Bahrain has approved raising domestic gasoline prices, part of the government's efforts to boost revenues hit by slumping oil prices. This was announced by the country's Cabinet in a statement carried by state news agency BNA on Monday. BNA said the Cabinet, at its weekly meeting, set the new price for super fuel at $0.42 per liter from $0.26, while the price for regular fuel would be raised to $0.33 per liter from $0.23. The new prices will take effect on Tuesday, Reuters reported. Like other Persian Gulf oil-exporting states, Bahrain has for many years subsidized goods and services such as food, fuel, electricity and water, keeping prices ultra-low to maintain social order. But since its oil income began to fall last year, the government's budget deficit has widened and the subsidies have become much harder for Bahrain to afford.

Financialtribune.com