Saudis Still Buy World's 2nd-Cheapest Gasoline After Hike: Chart

Gasoline prices in Saudi Arabia are the second-lowest in the world, behind Venezuela, even after the biggest crude exporter cut state subsidies, according to data compiled in the Bloomberg Gasoline Price Ranking.

The biggest producer in the Organization of Petroleum Exporting Countries reduced fuel subsidies after the 35 percent plunge in oil prices last year eroded state income. The Persian Gulf kingdom increased retail gasoline prices by about 50 percent when it announced its 2016 budget last week.

The price for 95-octane gasoline rose to 0.90 riyals, or about 20 U.S. cents, per liter, from 0.60 riyals before the reduction in subsidies, the official Saudi Press Agency reported Dec. 28. U.S. consumers are paying just under $2 a gallon, or about 53 cents a liter, on average, according to the American Automobile Association.

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