عربي English Türkçe اردو فارسى
Logo
Latest News
Business

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)
TT
TT

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.

Most Viewed

 
 
Business

Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
TT
TT

Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices were up slightly on Friday on stronger-than-expected US economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer.

But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains.

Brent crude futures for September rose 7 cents to $82.44 a barrel by 0014 GMT. US West Texas Intermediate crude for September increased 4 cents to $78.32 per barrel, Reuters reported.

In the second quarter, the US economy grew at a faster-than-expected annualised rate of 2.8% as consumers spent more and businesses increased investments, Commerce Department data showed. Economists polled by Reuters had predicted US gross domestic product would grow by 2.0% over the period.

At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand.

Still, continued signs of trouble in parts of Asia limited oil price gains.

Core consumer prices in Japan's capital were up 2.2% in July from a year earlier, data showed on Friday, raising market expectations of an interest rate hike in the near term.

But an index that strips away energy costs, seen as a better gauge of underlying price trends, rose at the slowest annual pace in nearly two years, suggesting that price hikes are moderating due to soft consumption.

China, the world's biggest crude importer, surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy.