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Arab states hit by rising oil prices - 06 May 2008 |
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Arab states hit by rising oil prices - 06 May 2008 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-AD 0B-4227-8AE6-ACB2F0A748B1 .htm
Date : May 06, 2008 - 12:37:36 PM
Tags : arab News aljazeera smith jordan bernard syria prices egypt
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