Gasoline subsidy cut saves BD56m

Manama : Lifting gasoline subsidies has saved the country around BD56 million, Minister of Energy Dr. Abdulhussain Mirza stated recently.

The Minister said the amount is pumped into the state budget and contributes in reducing its deficit.

He explained that the step came as international oil prices dropped from USD100 a barrel to USD30 during less than two years.

Dr. Mirza reaffirmed that the decision of scrapping gasoline subsidies was also implemented in neighbouring countries to overcome the international oil prices dilemma. This came within the Minister’s reply to a parliamentary query submitted by MP Ahmed Qarata on the financial impact of removing gasoline subsidy.

More details will be revealed on Tuesday during the weekly meeting of MPs in the presence of the Minister.