The Bahraini cabinet has approved an amended price of petrol sales following recommendations outlined in a memorandum submitted to cabinet by the National Oil and Gas Authority (NOGA), reported Gulf Digital News. The decision will cover 95 Octane and 91 Octane, as of mid January, and marks the first change in petrol price in the country over the last 33 years.
According to the News of Bahrain, the Energy Minister, Dr. Abdul Hussain bin Ali Mirza, said that he expected the decision to have a positive impact on the economy and the environment as it promotes the efficient use of energy. Bahrain has already been implementing a comprehensive economic and fiscal reform program, and, with the price change, the Kingdom’s long-term fiscal stability would be upheld.
The decision was meant to alleviate the fiscal challenges that the country is currently facing due to the 70% drop in global oil prices, a move also taken by other GCC states.