Saudi Arabia Raises Local Gasoline Prices
Saudi Aramco said it was raising domestic gasoline prices on Sunday, with 91 grade reaching 1.53 riyals per litre from 1.44 and 95 grade rising to 2.18 riyals from 2.10, Reuters reported.
“The adjustments were in line with the government’s plans to reform energy and water prices, they were subject to changes in global exports prices,” Aramco said in a statement.
In April, Saudi Arabia announced an increase in the local price of petrol at its gas stations to 2.10 riyals ($0.56) and 1.44 riyals ($0.38) a litre.
Octane 95 gasoline was sold at 2.02 riyals ($0.5) and Octane 91 was sold at 1.37 riyals (0.37) per litre in the last quarter (from January till March, 2019).
For more than four years, Saudi Arabia, the world’s largest oil exporter and third largest producer, has been suffering from difficult economic conditions because of the huge spending in its aggressive war on Yemen, which prompted it to raise fuel prices, impose taxes and to owe to cover its budget deficit.
Last December, the Saudi government announced the 2019 budget, revealing the continued deficit for the sixth year in a row, the increase in debt, and the use of increased spending to stimulate the slowing economy.