$120 $100 $80 $40 $20OPEC basket oil price (nominal $US/bbl)May 2014July 2014Sept 2014Nov 2014Jan 2015March 201(^5) May 2015
July 2015
Sept 2015
Nov 2015
Jan 2016
March 2016
May 2016
July 2016
Sept 2016
Nov 2016
Jan 2017
March 201
(^7) May 2017
July 2017
Sept 2017
Nov 2017
Jan 2018
$0
May 2015
·^ Iran
raises gasoline and diesel prices by 20%
Aug. 2015
·^ UAE
links gasoline and diesel prices to international market price
Sep. 2015
·^ Qatar
raises electricity and water tariffs for expats
Jan. 2017
·^ Abu Dhabi
increases electricity
and water tariffs for citizens and expats
Sep. 2016
·^ Kuwait
raises gasoline prices by up to 83%
May 2016
·^ Qatar
moves to market-linked pricing for gasoline and diesel
Jan. 2016
·^ Algeria
raises gasoline and diesel prices by 8% and 23%
·^ Bahrain
increases electricity and water tariffs, increases gasoline and diesel prices by60% and 14%
·^ Oman
sets fuel prices at international levels
·^ Qatar
raises
gasoline prices by 30%
·^ Saudi Arabia
raises fuel prices and electricity and water
tariffs; methane (up 66%) is split from ethane (up 133%)
May 2014
·^ Qatar
raises diesel price by 50%
July 2014
·^ Egypt
raises gasoline and diesel price by 60%
Nov. 2014
·^ Sharjah (UAE)
increases
electricity and water tariffs for commerce and industry
Jan. 2015
·^ Abu Dhabi
increases
electricity and water tariffs for expatsand nationals
·^ Kuwait
increases diesel
and kerosene prices; diesel up by 100%·^ Oman
increases natural gas prices
by 100%
Apr. 2015
·^ Bahrain
increases natural gas pricesby 11%
Jan. 2018
·^ Bahrain
raises gasoline prices by
up to 25%
·^ Saudi Arabia
increases electricity
tariffs, raises gasoline prices by up to 127%
$60
Aug. 2017
·
Kuwait
raises
electricity and water tariffs for commercial and government consumers
FIGURE 9.3
GCC and selected MENA countries energy subsidy reforms and international oil prices.
Governments began launching subsidy reforms in 2014. Most, but not all, came after the drop in oil prices in late 2014.
Reforms continued through 2018 as oil market prices remained low.
Source
: Glada Lahn, “Fuel, Food, and Utilities Price Reforms in the GCC: A Wake- up Call for Business,”
research paper (London: Chatham House, June 2016); Baker Institute research compilation; “OPEC Basket Price,” Organization of
t h e P e t r o l e u m E x p o r t i n g C o u n t r i e s , 2 0 1 8 , h t t p : / / w w w. o p e c. o r g / o p e c w e b / e n / d a t a g r a p h s / 4 0. h t m.