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Bahrain Raises Gasoline Prices between 12% - 25%

Drivers wait in line to fill their vehicles at a petrol station in Budaiya, Bahrain. (Reuters)
Drivers wait in line to fill their vehicles at a petrol station in Budaiya, Bahrain. (Reuters)
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Bahrain Raises Gasoline Prices between 12% - 25%

Drivers wait in line to fill their vehicles at a petrol station in Budaiya, Bahrain. (Reuters)
Drivers wait in line to fill their vehicles at a petrol station in Budaiya, Bahrain. (Reuters)

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.

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Saudi Transport, Logistics Sector Set for 10% Growth in Q2

An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
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Saudi Transport, Logistics Sector Set for 10% Growth in Q2

An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)

As Saudi companies start reporting their Q2 financial results, experts are optimistic about the transport and logistics sector. They expect a 10% annual growth, with total net profits reaching around SAR 900 million ($240 million), driven by tourism and an economic corridor project.

In Q1, the seven listed transport and logistics companies in Saudi Arabia showed positive results, with combined profits increasing by 5.8% to SAR 818.7 million ($218 million) compared to the previous year.

Four companies reported profit growth, while three saw declines, including two with losses, according to Arbah Capital.

Al Rajhi Capital projects significant gains for Q2 compared to last year: Lumi Rental’s profits are expected to rise by 31% to SAR 65 million, SAL’s by 76% to SAR 192 million, and Theeb’s by 23% to SAR 37 million.

On the other hand, Aljazira Capital predicts a 13% decrease in Lumi Rental’s net profit to SAR 43 million, despite a 44% rise in revenue. This is due to higher operational costs post-IPO.

SAL’s annual profit is expected to grow by 76% to SAR 191.6 million, driven by a 29% increase in revenue and higher profit margins.

Aljazira Capital also expects a 2.8% drop in the sector’s net profit from Q1 due to lower profits for SAL and Seera, caused by reduced revenue and profit margins.

Mohammad Al Farraj, Head of Asset Management at Arbah Capital, told Asharq Al-Awsat that the sector’s continued profit growth is supported by seasonal factors like summer travel and higher demand for transport services.

He predicts Q2 profits will reach around SAR 900 million ($240 million), up 10% from Q1.

Al Farraj highlighted that the India-Middle East-Europe Economic Corridor (IMEC), linking India with the GCC and Europe, is expected to boost sector growth by improving trade and transport connections.

However, he warned that companies may still face challenges, including rising costs and workforce shortages.