Economics
Saudis May Raise Domestic Gasoline Prices by 80%
- Plan would boost gasoline to parity with international prices
- Increases in other Saudi energy prices seen early next year
A man fills a vehicle with gas near the city of Qassim, north west of Riyadh.
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
Saudi Arabia is considering a plan to phase out subsidies for gasoline and jet fuel in November at the latest, as the world’s biggest oil exporter pushes a program to curtail spending after a global slump in prices.
The government would boost gasoline to parity with varying international prices under the plan, according to a person with knowledge of the matter. At current levels, this could result in a hike of about 80 percent for octane-91 grade gasoline to about 1.35 riyals per liter (0.36 cents), the person said on condition of anonymity. The government plans to delay increases in other energy prices until early 2018, the person said.