Arab states hit by rising oil prices - 06 May 2008
By : Al Jazeera English
Published On: 2012-04-19
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01:29
Oil has risen to yet another record high - just shy of $121 dollars a barrel.
One knock on effect is that some Arab countries are removing state subsidies, which are costing billions of dollars a year.
Jordan removed fuel subsidies in February and, since then, oil prices have shot up by 82 per cent.
Syria too is cutting subsidies, trying to soften the blow with a 25% hike in wages.
And now Egypt has announced a 40 to 50 percent hike in fuel prices - just two days after saying wages would go up by a third.
For a Q&A on rising oil prices: http://english.aljazeera.net/NR/exeres/1171BA41-AD0B-4227-8AE6-ACB2F0A748B1.htm
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