Bahrain and Oman are the latest GCC countries to reduce state subsidies on petrol as global oil prices dips to its lowest since 2003.
The dip in prices has cut into the revenues of oil-exporting countries, including many Gulf states. To save on expenditures, the United Arab Emirates and Saudi Arabia reduced fuel subsidies last year. Qatar and Kuwait are expected to follow suit.
Speaking to Al Arabiya News from Manama, program director at Bahrain's Center for Strategic, International and Energy Studies Omar al-Ubaydli told Al Arabiya News that while in the short term Bahraini citizens will feel the pinch, economic reforms are much needed during the current climate.
While many voiced their frustration at not being told well in advance of the pending changes in petrol prices, Elcott contended that it was probably for the best economically.SHOW MORE