Saudis May Raise Domestic Gasoline Prices by 80%

18 Sep 2017   Saudi Arabia

Plan would boost gasoline to parity with international prices Increases in other Saudi energy prices seen early next year Saudi Arabia is considering a plan to raise domestic prices for gasoline and jet fuel in November at the latest, as the world’s biggest oil exporter pushes a program to curtail spending and reduce dependence on crude after a global slump in prices. The government would boost gasoline to parity with varying international prices under the plan, according to a person with knowledge of the matter. At current price levels, this could result in a hike for octane-91 grade gasoline to about 1.35 riyals per liter (0.36 cents) from 0.75 riyals, or an increase of about 80 percent, the person said, asking not to be identified because the matter isn’t public. The government plans to delay increases in other energy prices until early 2018, the person said. Authorities are expected […]

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