SASCO expects impact of new fuel prices from Q1 2018

Saudi Automotive Services Company (SASCO) expects the impact of new fuel prices to reflect on its financial statements from the first quarter of 2018, it said in a statement to Tadawul on Monday.

However, the company said it could not ascertain the actual economic value as of now.

Operating revenues and operating expenses will increase after studying the financial implications of the new rates, the statement said, listing the fuel sale and purchase prices as below:

1) Selling price of Gasoline 91 increased from SAR 0.75 per liter to SAR 1.37 per liter (including VAT), while purchasing price rose from SAR 0.66 per liter to SAR 1.28 per liter, causing no change in the gross profit (SAR 0.09 per liter).

2) Selling price of Gasoline 95 increased from SAR 0.90 per liter to SAR 2.04 per liter (including VAT) while purchasing price rose from SAR 0.81 per liter to SAR 1.95 per liter (including VAT), causing no change in the gross profit (SAR 0.09 per liter).

3) Selling price of diesel increased from SAR 0.45 per liter to SAR 0.47 per liter (including VAT).

SASCO said it is working to absorb the changes in the company’s financial results in line with the directions of the board of directors.