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Bahrain Parliament Calls on Govt. to Cancel Fuel Price Hike

Bahrain's National Oil and Gas Authority.
Bahrain's National Oil and Gas Authority.
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Bahrain Parliament Calls on Govt. to Cancel Fuel Price Hike

Bahrain's National Oil and Gas Authority.
Bahrain's National Oil and Gas Authority.

The Council of Representatives in the Kingdom of Bahrain submitted an urgent proposal to the Bahraini government to rethink the fuel price hike only a day after its approval.

The Council held its 15th weekly meeting Tuesday and allocated part of it to discuss the hike in gasoline prices, which some MPs considered sudden, especially after the National Oil and Gas Authority (NOGA) announced readjusting fuel prices for 2018 and raising them 12 and 25 percent.

Sheikh Khalid bin Abdullah Al Khalifa, Deputy Prime Minister and Chairman of the Ministerial Committee for Financial Affairs and Control of Spending, said that the coming days will witness a number of coordination and consultative meetings with the legislative authority aimed at restructuring the support and directing it to the beneficiaries from Bahraini families and citizens.

First Deputy Speaker Ali Abdulla al-Aradi chaired the parliament session.

The urgent proposal was submitted by MPs Isa Turki, Abdulrahman Boumjeed, Dheyab al-Nuaimi, Ali al-Muqla and Mohammed al-Emadi.

“The decision to raise prices was surprising,” Aradi told Asharq Al-Awsat, adding that the Council agreed with the government to gradually reduce subsidy on many goods and services, including gasoline.

He said that the deputies agreed on the government request to cancel the decision to increase the price of gasoline and find a way to support the Bahraini citizens, especially those with limited income.

"The council called upon the government to provide support to Bahrainis with limited income, especially in the field of energy," Aradi added, explaining that Bahrain's production of oil is limited and 80 percent of the revenues of the public treasury comes from oil.

It is therefore is necessary to ration subsidy it so that the social class, which deserves to be benefit from it, is not affected by such decisions.

“There is cooperation between the legislative and executive authorities, and the government always takes the council’s proposals into consideration,” he said.

After the NOGA’s increase in fuel prices, the cost of Mumtaz (95 octane) petrol rose from 160 fils to 200 fils per liter and Jayyid (91 octane) fuel rose from 140 fils per liter from the previous 125 fils.

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Saudi Minister of Industry: Geological Survey Authority to Play Key Role in Mining Over Next 25 Years

Prince Saud and the Minister of Industry during the Authority's ceremony. (Makkah Region)
Prince Saud and the Minister of Industry during the Authority's ceremony. (Makkah Region)
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Saudi Minister of Industry: Geological Survey Authority to Play Key Role in Mining Over Next 25 Years

Prince Saud and the Minister of Industry during the Authority's ceremony. (Makkah Region)
Prince Saud and the Minister of Industry during the Authority's ceremony. (Makkah Region)

Saudi Arabia’s Geological Survey Authority plays a vital role in uncovering the earth’s reserves of metals such as gold, zinc, and copper. According to Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef, this role is set to expand significantly in the next 25 years as the Authority becomes central to advancing the mining sector.

Alkhorayef emphasized the commitment to continuing geological survey and exploration projects, providing critical data to investors. He highlighted initiatives launched by the Authority to transform the mining sector into the third pillar of the national economy.

The minister was speaking during a ceremony celebrating the 25th anniversary of the Saudi Geological Survey Authority. The event, held under the patronage of Prince Khalid Al-Faisal, Advisor to the Custodian of the Two Holy Mosques and Governor of the Makkah Province, was inaugurated by Prince Saud bin Mishaal bin Abdulaziz, Deputy Governor of the region, in the presence of senior officials and distinguished guests.

In an interview with Asharq Al-Awsat, Alkhorayef noted the significant influx of investment in Saudi Arabia’s mining sector.

“There is now a large number of investment applications in the mining sector. We are collaborating with other government entities to ensure site allocations for investors,” he said.

He added that new agreements are being signed daily, both for expansions by existing investors and for new entrants to the sector.

The data obtained from geological surveys and the Authority’s digital platform has positioned Saudi Arabia as a prime destination for mining investments,’ he stressed.

“The results we achieve through geological surveys and accurate data collection make Saudi Arabia a key focus for companies seeking to expand in the mining sector to secure future resource supplies,” added Alkhorayef.

He also underscored efforts to verify data through additional sampling and by concentrating on areas with the richest deposits, which enhances the credibility of Saudi mining data globally.

Saudi Arabia has implemented extensive geological survey projects, covering over 85% of the country’s territory through advanced geophysical and geochemical techniques.

Alkhorayef highlighted the General Geological Survey Program and the initiative to build a National Geological Data Repository. These efforts have increased the estimated value of the Kingdom’s untapped mineral resources from SAR 4.9 trillion in 2016 to SAR 9.4 trillion at the beginning of 2024.

At the ceremony, the Deputy Governor of Makkah Province unveiled the Saudi Geological Survey Authority’s new logo, reflecting its geological identity and ongoing efforts to map the Kingdom’s resources while promoting cultural and environmental awareness. The event also included recognition for the Authority’s founding committee members and ceremony sponsors.

Alkhorayef noted that the Authority has completed more than 500 specialized projects across various earth science fields. These include geological mapping at various scales, mineral exploration, geophysical, geochemical, and marine surveys, geological hazard monitoring and mitigation, and mining research and studies.

He pointed to the Authority’s emphasis on developing its human resources, recognizing that their dedication and expertise have been pivotal to its success and to earning widespread acclaim for its accomplishments.

In his remarks marking the Authority’s 25th anniversary, Alkhorayef acknowledged the significant national efforts in exploring mineral wealth over the past quarter-century.

These efforts have led to major discoveries that have positively impacted multiple sectors, he said, adding that discoveries of key minerals like phosphate, potassium, gold, and silver, as well as strategic mineral reserves, have bolstered investments and spurred the growth of the mining sector.