Saudi Arabia Delays Energy-Subsidy Cuts
- Kingdom seen raising energy prices later this year or in 2018
- Subsidy reform is a key part of Saudi economic restructuring
This article is for subscribers only.
Saudi Arabia, the biggest Arab economy, will probably delay plans to raise gasoline and other energy prices until later this year or early in 2018 amid an economic slowdown, according to four people familiar with the matter.
The government plans to raise energy prices in October at the soonest and most likely early next year, according to the people, who asked not to be identified because the information isn’t public. Energy Minister Khalid Al-Falih said in December that the next increase “will not be late in 2017.” A spokesman for the finance ministry declined to comment. Spokesmen at the economy and energy ministries were not immediately available for comment.