Bahrain Raises Petrol Prices Unexpectedly: Jayyid (Good) for 140 fils/litre and Mumtaz (Excellent) for 200

2018-01-08 - 11:31 p

Bahrain Mirror: Bahrain has increased petrol prices unexpectedly in phone calls made by the National Oil and Gas Authority officials to the country's refueling stations.

Refueling stations were closed abruptly, to raise the price to 140 fils per liter for the Jayyid (good) type, and 200 fils per liter for the Mumtaz (excellent) type.

Subsequently, the National Oil and Gas Authority issued a statement saying:

Based on Gulf and international price reviews, it was decided that that Jayyid (91 octane) is to be sold at 140 fils per liter, which was previously 125 fils/liter, while Mumtaz (95 octane) gasoline to be sold at 200 fils per liter, which was previously 160 fils/liter. The price of Mumtaz petrol increased by about 25% and Jayyid petrol by 12%.

The level of support for Jayyid and Mumtaz gasoline in 2017 reached 41 million BD and the level of support in 2018 is expected to reach more than 66 million. It is worth mentioning that the price of Jayyid Petrol is still supported by more than 33%, and is currently sold in the GCC states at prices ranging from 180-205 fils per liter. This is part of the broad economic reforms taken by the GCC States to face the decline in prices and redirecting support for oil derivatives to achieve financial balance and reduce the difference between Gulf and global prices.

The Minister of Oil stated that global oil prices have taken an upward trend since 2016, followed by a rise in the prices of international oil derivatives. A number of Gulf countries have adopted a mechanism to adjust local derivatives prices on a monthly basis to keep pace with international prices. However, prices in the Kingdom of Bahrain have remained constant over the past two years despite the global rise.

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