SASCO receives SAR 112 mln worth retroactive increase of fuel profit margin from Aramco

Saudi Automotive Services Company (SASCO) received, on May 13, a notice from The Saudi Arabian Oil Company (Saudi Aramco) regarding the retroactive increase of profit margin of fuel stations and service centers amounting to SAR 112 million including VAT.

In a statement to Tadawul, the company said that the amount represents the dues for the period starting from Aug. 23, 2018 till Feb. 1, 2020.

SASCO established the full value of the retrospective in the annual financial statements for the period ended Dec. 31, 2019 and the interim financial statements for the period ended March 31, 2020.

There is no financial impact on the future financial statements, the company said.

On Oct. 1 2019, SASCO received the approval of the Ministry of Energy on increasing profit margins of fuel stations and other service centers, which are qualified by Ministry of Municipal and Rural Affairs (MOMRA), Argaam reported earlier.

The new profit margin will be 15 halalas for gasoline instead of 9 halalas per liter, and 5 halalas per liter of diesel instead of 3.5 halalas per liter.

The new retail prices at stations will not affect the end consumer, the statement also said.