Saudi Arabia Slows Pace of Energy Subsidy Cuts to Boost Economy
- Gasoline, natural gas, diesel prices to be raised gradually
- Government releases detailed timeline for first time
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Saudi Arabia is extending its timeline to cut energy subsidies as the government seeks to offset the impact of austerity measures on the stagnating economy, the Finance Ministry said on Tuesday.
Domestic gasoline prices will now reach parity with international levels gradually between 2018 and 2025 -- compared to the previous target of 2020, according to the ministry’s 2018 budget statement. Local diesel prices will also be raised gradually to 90 percent of international prices over the same period.