DUBAI, United Arab Emirates – Qatar is set to hike its subsidized gasoline prices by at least 30 percent, the latest Gulf country to raise prices as global oil prices have slumped to 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 have yet to comment on the hike. The announcement said the prices take effect at midnight Friday.
The price of oil fell as low as $30.44 a barrel this week, its lowest level in 12 years. Oil had sold for roughly $100 a barrel for nearly four years until 2014.
Already, Bahrain and Oman have reduced their state subsidies on gasoline. The United Arab Emirates and Saudi Arabia reduced fuel subsidies last year.