Bahrain: Car sales hit by hike in oil price

The increase in petrol prices since the beginning of this year had its toll on the local automobile market, according to car showrooms owners and managers.

They say the prices of vehicles with bigger engines, usually consuming more petrol, have dropped by around 15- 20 per cent since the prices of gasoline were hiked.

These cars were among the top-selling categories in the Kingdom before the oil price rise. The petrol price rose following Oil Minister Shaikh Mohammed bin Khalifa Al Khalifa’s Resolution 1 of 2018.

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The resolution was announced on January 8 and ever since, the prices of Jayyid (91-octane) has been increased from 125fils/litre to 140 and Mumtaz (octane-95) from 160fils/litre to 200.

A similar decision was announced in 2016 by the former Energy Minister Dr Abdulhussain Mirza, raising the prices from 80fils/litre for the Jayyid fuel to 125 and from 100fils/litre to 160 for the Mumtaz. It was the first petrol price increase in Bahrain in three decades.

 

Source Credit: DT News

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