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Saudi Arabia raises petrol and diesel prices: SPA
(MENAFN- The Peninsula)
DUBAI: Saudi Arabia has raised domestic energy prices including fuel prices state news agency SPA said on its Twitter account on Monday.
Domestic fuel water and electricity prices are currently among the lowest in the world because of heavy state subsides.
Raising the prices would reduce pressure on the state budget and would be one of Saudi Arabia's biggest economic reforms in many years.
The world's largest oil exporter has set the price of 95 octane petrol at 0.90 riyals ($0.24) per litre SPA said up from the current price of 0.60 riyals per litre.
The kingdom has also raised prices for gas diesel and kerosene according to SPA.
The price increases would take effect from Tuesday the report added.
Reuters
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