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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 Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)

Saudi Arabia’s non-oil exports soared to a two-year high in May, reaching SAR 28.89 billion (USD 7.70 billion), marking an 8.2% year-on-year increase compared to May 2023.

On a monthly basis, non-oil exports surged by 26.93% from April.

This growth contributed to Saudi Arabia’s trade surplus, which recorded a year-on-year increase of 12.8%, reaching SAR 34.5 billion (USD 9.1 billion) in May, following 18 months of decline.

The enhancement of the non-oil private sector remains a key focus for Saudi Arabia as it continues its efforts to diversify its economy and reduce reliance on oil revenues.

In 2023, non-oil activities in Saudi Arabia contributed 50% to the country’s real GDP, the highest level ever recorded, according to the Ministry of Economy and Planning’s analysis of data from the General Authority for Statistics.

Saudi Finance Minister Mohammed Al-Jadaan emphasized at the “Future Investment Initiative” in October that the Kingdom is now prioritizing the development of the non-oil sector over GDP figures, in line with its Vision 2030 economic diversification plan.

A report by Moody’s highlighted Saudi Arabia’s extensive efforts to transform its economic structure, reduce dependency on oil, and boost non-oil sectors such as industry, tourism, and real estate.

The Saudi General Authority for Statistics’ monthly report on international trade noted a 5.8% growth in merchandise exports in May compared to the same period last year, driven by a 4.9% increase in oil exports, which totaled SAR 75.9 billion in May 2024.

The change reflects movements in global oil prices, while production levels remained steady at under 9 million barrels per day since the OPEC+ alliance began a voluntary reduction in crude supply to maintain prices. Production is set to gradually increase starting in early October.

On a monthly basis, merchandise exports rose by 3.3% from April to May, supported by a 26.9% increase in non-oil exports. This rise was bolstered by a surge in re-exports, which reached SAR 10.2 billion, the highest level for this category since 2017.

The share of oil exports in total exports declined to 72.4% in May from 73% in the same month last year.

Moreover, the value of re-exported goods increased by 33.9% during the same period.