Oil Ministers of Gulf countries will meet next week in Saudi Arabian capital Riyadh to discuss the unification of oil product prices to combat regional smuggling.
A report in the Al Eqtisadiya newspaper on Thursday said if the policy were to be implemented, more than 30 percent of Saudi oil products smuggled to neighbouring countries could be saved.
The paper quoted oil expert Rashid Abanami, as saying that he expected a unified oil market in the Gulf region to emerge by 2019.
Saudi Arabia and Qatar offer the lowest prices for petroleum products, while the United Arab Emirates' prices are similar to those in the international markets.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app