Oil Ministers of Gulf countries will meet next week in Riyadh, Saudi Arabia to discuss the unification of oil product prices to combat regional smuggling, Al Eqtisadiya newspaper reported Thursday.
If the policy were to be implemented, more than 30 percent of Saudi oil products smuggled to neighbor countries could be saved, oil expert Rashid Abanami told the paper.
He expected a unified oil market to take place in the Gulf region in six years, adding the prices could be only unified when there are better public transport facilities in place.
"Most residents in the region currently depend on private transport vehicles... The unification of prices could be done after better public transport services have been introduced," he explained.
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.