Bahrain raised gasoline prices on Monday, reported the National Oil and Gas Authority, in which Octane 91 prices were increased BHD0.15, 12 percent, while Octane 95 BHD0.40, 25 percent, from BHD0.125 and BHD0.160 respectively.
In a statement, the National Oil and Gas Authority revealed that modification of regular and premium gasoline prices was based upon the revision of global and Gulf prices.
Regular gasoline (Octane 91) would be sold for BHD0.140 when it was previously sold for BHD0.125 per liter. Premium gasoline would be sold for BHD0.200 when it was sold before for BHD0.160.
Regular and premium Gasoline subsidies reached in 2017 around BHD41M (USD154m), and are forecast to extend to BHD66m (USD249m), according to the statement.
The Authority noted that the updated regular gasoline prices would remain supported with more than 33 percent, and gasoline is currently being sold in the Gulf Cooperation Council countries for prices ranging between BHD0.180 and BHD0.205 per liter.
This falls under extensive economic reforms taken by the GCC countries to combat drop in prices, and to redirect support to oil derivatives in order to achieve financial balance and reduce the gap between Gulf and global markets.