Saudi Arabia Plans to Raise Gas Prices by 80% in January

13 Dec 2017   Saudi Arabia

Saudi Arabia plans to raise domestic gasoline and jet fuel prices in January, part of a program to gradually eliminate energy subsidies as the kingdom seeks to overhaul its economy and balance the budget, according to a person with knowledge of the matter. Gasoline prices are set to increase by about 80 percent, while jet fuel prices will be raised to international levels in one go, the person said, asking not to be identified because the matter isn’t public. Gasoline and other fuels such as diesel, kerosene and heavy fuel oil, will see incremental price increases over several years, the person said. Excluding jet fuel, prices won’t reach international levels until 2023 at the earliest, and potentially by 2025. Electricity tariffs won’t be increased directly, but will rise gradually with other energy prices, the person said. The Finance Ministry, which oversees the subsidy reform program, did not immediately respond […]

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