Oil Minister Announces Approach to Periodically Review Petrol Prices

2018-02-07 - 5:33 p

Bahrain Mirror: Oil Minister Mohammed bin Khalifa Al Khalifa announced an approach to review the petrol prices periodically, after finding a suitable mechanism to distribute subsidies to citizens, stressing on the necessity to conform to delivering the subsidies to citizens in a way that matches their income.

The minister said in a press statement "If we are convinced that the followed mechanism used in distributing subsidies to citizens is correct, it is better to liberate petrol prices in the domestic market in a way that matches the international markets," pointing out that the current financial savings from the price adjustments would reach 50 million BD, although the Government is still keeping its subsidy on "good" petrol at over 33%, while supporting "excellent" petrol by a small percentage.

He noted that the policy of periodical prices review is a Gulf approach, indicating that Government subsidies for petrol in Bahrain and Saudi Arabia is equal. Meanwhile, prices are reviewed periodically in other Gulf States, except Kuwait.

As for the refinery expansion project, he said: "the cornerstone for the refinery project will be put by the end of February or in early March", explaining that the contractor will start ordering supplies, moving workers and building workers' housing zone.

Mohammed bin Khalifa Al Khalifa said that the actual operation of the third gas BNA plant "expansion" project will take place next May.

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