In the wake of the World Bank’s appeals to emerging market countries, especially the states of the Middle East and North Africa, to end fuel subsidies, oil producing countries, including those of the GCC are actively thinking of such a move.

While they do not want to lift subsidies completely, the Gulf countries are contemplating partial amendment to the support, especially since the Kingdom’s oil prices are the lowest internationally.

Oil and energy experts say the decision to amend support lifting subsidies is currently being studied and its application is only a matter of time.

“We won’t allow officials to make any statements or announcements regarding the tendency to increase fuel prices in the short term. However this does not mean that the issue is not being studied because leaving the prices at this low level means great negativities,” former Saudi Aramco President for Excavation and Drilling Othman Al-Khwiter said.

“This decision was discussed previously on the level of the GCC and everyone is agreed that the prices have to be amended, and it might be the fact that the Kingdom is waiting for the appropriate time to announce price increases because it is essential to rationalize, and this might come about in the next months or in the next years,” he added.

He emphasized the fact that the fuel and energy prices are the lowest in the world except for one or two states and there is without a doubt a trend to lift the support at the present time.

However oil analyst and former Saudi Aramco official Sadad Al-Hussieni does not see the subsidies on fuel and energy being lifted but hopes that the prices might be amended. He said this would be made gradually and over the years, and would not affect people.