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11-07-21
Saudi Arabia caps prices on gasoline since it first liberalized them in 2018
(MENAFN)Saudi Arabia stated that as oil prices hit multi-year highs this year, it was putting a price cap on gasoline from July 10 to enhance local consumption and economy growth.
It is the first time the country is limiting prices since it first liberalized them in 2018 and connected them to international price movement.
According to the Saudi Press Agency, the Kingdom marked a royal directive to keep gasoline prices at SR2.18 (USD0.58) for octane 91 and SR2.33 for octane 95, referring to the Energy and Water Price Reforms Executive Committee.
An official statement showed that “This stems from the leadership’s keenness to reduce the living burdens of citizens and residents, its continuous pursuit to achieve the public interest, and support local economic activity.”
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