40331
Qatar to Scrap Fuel Subsidies in May
Energy

Qatar to Scrap Fuel Subsidies in May

Qatar will scrap gasoline and diesel subsidies next month, as the world’s richest nation per capita is set to plunge into deficit this year after more than a decade of budget surpluses. The world’s biggest exporter of liquefied natural gas is in the second year of a $200 billion infrastructure upgrade to help it host soccer’s 2022 World Cup. The decision to link transportation fuel to international prices follows a Jan. 30% increase in local gasoline prices for the lowest available grade, Bloomberg reported. Ending subsidies aims to reduce wasteful consumption, the official Qatar News Agency reported on Tuesday, citing comments by Sheikh Mishaal bin Jabor Al Thani, who heads a committee studying domestic gasoline and diesel prices. Unlike some of its oil-rich neighbors that have cut spending, Qatar will increase outlays to 35.1% of GDP this year compared with 33.1% in 2015, according to the International Monetary Fund. As part of belt-tightening plans, the UAE eliminated fuel subsidies last year, while Saudi Arabia, Oman and Bahrain reduced support.

 

Short URL : http://goo.gl/FhYb5J
  1. http://goo.gl/iN3JKO
  • http://goo.gl/sBhcgO
  • http://goo.gl/Z7qVv1
  • http://goo.gl/ttJe8Y
  • http://goo.gl/ofVBca

You can also read ...

Oil Industry Bosses Will Discuss OPEC Policy
Key oil ministers and company executives will gather in Russia...
China, India Lead Solar Expansion
India and China are driving a rapid global expansion in large-...
Russia Eying Crimea Energy Resources
Russia should explore the Crimean continental shelf for...
Brent and WTI crudes stood at $79.39 and $72.47 per barrel on Tuesday.
Oil prices rose on Tuesday on concerns that Venezuela’s crude...
NISOC Efforts to Develop 4 Major Oilfields on Track
The National Iranian South Oil Company's efforts to boost...
Smart Electricity Meter Project Awaits Funds
The venture to complete the replacement of 450,000 old...
NIOPDC to Export  8,000 Tons of Diesel
Close to 10,000 tons of diesel were exported to Iraq and...

Trending

Googleplus