79083
Saudi Arabia Hikes Gasoline Prices
Saudi Arabia Hikes Gasoline Prices

Saudi Arabia Hikes Gasoline Prices

Saudi Arabia Hikes Gasoline Prices

Saudi Arabia was set to raise local gasoline prices on Monday, state news agency SPA reported. The initiative, aimed at more efficient energy use, coincides with an ambitious reform plan to boost sources of revenue and wean the world’s top crude exporter away from oil, Reuters reported. It said Octane 91 will sell for 1.37 riyals ($0.36) a liter, up from 0.75 riyals ($0.20), while Octane 95 will sell for 2.04 riyals ($0.54) a liter, up from 0.90 riyals ($0.24). Diesel rates for trucks were left unchanged. The kingdom will slow plans to eliminate subsidies for a wide range of energy products, according to a new long-term fiscal plan in the 2018 state budget released last month. King Salman formally announced on Dec. 20 that the target date for eliminating the government’s budget deficit would be pushed back to 2023 from the original target of 2020, in order to reduce pressure on economic growth. Facing a budget deficit of $52 billion, Saudi Arabia arrested tens of princes, former officials and businessmen, and offered freedom in exchange for 70% of their wealth to buttress the depleted state coffers.

 

Short URL : https://goo.gl/eNekYy
  1. https://goo.gl/dkYZUs
  • https://goo.gl/hLyDZ8
  • https://goo.gl/g18Vgq
  • https://goo.gl/PtRw3b
  • https://goo.gl/P8kKiQ

You can also read ...

BP: Electric Vehicles to Cut Oil Consumption
The emergence of self-driving electric cars and travel sharing...
OPEC Deal Closer to Market Rebalancing
The OPEC deal is closer than ever to meeting its market...
Brent, WTI Prices Slide Over Higher US Production
Oil prices fell on Wednesday, weighed down by a rebound in the...
SP Phases 17-18  Output Increases
Major overhaul operations in phases 17 and 18 of the giant...
The lion's share of petrochemical exports is bound for China, India and South Korea.
Boosting the country's petrochemical revenues entails...
NISOC in Close Cooperation With Domestic Academic Centers
National Iranian South Oil Company can implement complicated...
Special Devices for Gas Regulating Stations
Some 150 natural gas pressure regulating stations have been...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus