As oil hits 12 year low, Bahrain and Oman cut subsidy on gas and oil

Bahrain and Oman have reduced state subsidies on gasoline as the global oil price dips to its lowest since 2003.
Gas prices at the pump rose by up to 60 percent in Bahrain, to $1.25 per gallon for regular gasoline and $1.60 per gallon for premium fuel. Oman said it would reduce subsidies starting Friday and increase gasoline prices by 33 percent for premium fuel and 23 percent for regular fuel. Crude prices closed Monday at $31.41 a barrel on the New York Mercantile Exchange.
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.