To calculate the standard storage charges in the warehouse for the pharmaceutical product, we need to follow these steps:

Calculate the volume of the product in cubic meters (cbm):
 The dimensions are given in centimeters, so we first convert them to meters.
 Volume (cbm) = Length (m) × Width (m) × Height (m)

Calculate the storage charges:
 Storage Charges = Volume (cbm) × Cost per cbm
Step 1: Calculate the Volume

Dimensions: 120 cm x 120 cm x 120 cm

Convert to meters:
 Length = 120 cm / 100 = 1.2 m
 Width = 120 cm / 100 = 1.2 m
 Height = 120 cm / 100 = 1.2 m

Volume = 1.2 m × 1.2 m × 1.2 m = 1.728 cbm
Step 2: Calculate the Storage Charges
 Cost per cbm = 1 Bahraini Dinar
 Storage Charges = 1.728 cbm × 1 BHD/cbm = 1.728 BHD
Conclusion
The standard storage charges in the warehouse for the pharmaceutical product would be approximately 1.73 Bahraini Dinars (rounded to two decimal places).