DUBAI, United Arab Emirates (AP) - Qatar will raise its subsidized gasoline prices by at least 30 percent at midnight Friday, the state fuel company said, the latest Gulf country to cut its subsidies as global oil prices have hit a 12-year low.
DUBAI, United Arab Emirates (AP) — Qatar will raise its subsidized gasoline prices by at least 30 percent at midnight Friday, the state fuel company said, the latest Gulf country to cut its subsidies as global oil prices have hit a 12-year low.
The state fuel company Woqod made the announcement in a Twitter post late Thursday, though the state-run Qatar News Agency and government officials did not immediately comment on the hike. Pictures circulated on social media showing price notices taped to gasoline pumps in the small, peninsular country set to host the 2022 World Cup.
Woqod said prices for "super" gasoline would go up to 1.30 Qatari riyals ($0.35) a liter from 1 Qatari riyal ($0.27), while "regular" gasoline will sell for 1.15 Qatari riyals ($0.31) a liter, up from 0.85 Qatari riyals ($0.23).
That means a "regular" gallon of gasoline in Qatar would sell for about $1.17. The average U.S. price for a gallon of regular gasoline is $1.93, according to AAA.
Qatar, rich in natural gas and oil, faces lower revenues as the price of oil now stands around $30 a barrel, its lowest level in 12 years. Oil had sold for roughly $100 a barrel for nearly four years until the summer of 2014.
Already, Bahrain and Oman have reduced their state gasoline subsidies. The United Arab Emirates and Saudi Arabia reduced fuel subsidies last year.
Previously, Qatar has raised subsidized fuel prices in 2011. However, the dip in global oil prices may continue further into 2016, especially as Iran stands ready to re-enter the global market. Earlier this week, the Qatar-funded Al-Jazeera America news channel announced it would shut down April 30.
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