Saudi Arabia hikes gasoline prices as of today

The Saudi Arabian government raised domestic gasoline sale prices as of today, Jan. 1, Saudi Press Agency (SPA) reported.

The move comes as part of the Fiscal Balance Program aimed to correct retail energy sale prices, to curb the rapid growth of domestic consumption and ensure efficient use of national resources.

Regulators are monitoring the market to ensure price changes are not manipulated and supplies are uninterrupted.

Saudi Aramco said it would provide its customers with details necessary for applying the new prices.

In December, Saudi energy ministry said it will raise domestic gasoline prices by about 80 percent and put jet fuel prices at par with international prices as of January 2018, to gradually eliminate energy subsidy, Argaam reported.