The prices of petrol will remain as it is until the end of 2016, Arab Times daily reported quoting sources. According to report, it is still too early to consider increasing the prices of petrol, as the Cabinet’s Subsidies Committee is still conducting a comprehensive study on the possible consequences of such a move on the local market and its impact on citizens and expatriates.

The sources explained that the committee has signed a contract with an international consultancy firm for this purpose, which will require one complete year to prepare the necessary reports in this regard. The committee will complete its study by the end of this year, after which it will refer its report to the Cabinet.

The report will then be forwarded to the Economic Affairs Committee and then referred back to the Cabinet for taking a final decision in this regard. This entire circle of referrals and approvals will require time until 2017. They affirmed that the price of petrol, if it is increased, will not be more than 80 fils per liter, denying rumours that the petrol prices will be increased to 100 fils per liter as it could result in negative consequences.