Government considers deregulating price of petrol :: KT
The government is considering introducing liberal oil prices regime within the next six months.UPDATE. Arab News also reports on the Al Khaleej report and provides these further details:
According to local newspaper Al Khaleej report, oil-marketing companies approached the government, demanding 100 per cent increase in the oil prices in one shot, though the government approved only a 50 per cent rise in two phases. Last week, a 31.5 per cent hike was announced. The remaining increase would be made in the second phase, beginning early next year.
The objective behind the increase in oil prices is to bail out the loss-incurring oil marketing companies.
three of the distributors were about to halt operations and close down.
. . .
The increase comes in the form of the government lifting a ceiling on prices of petroleum products and thus allowing distributors to raise prices.