The government has increased Saudi Arabia fuel prices for January 2018 with an aim to streamline energy usage and draw in better efficiency. The move is in line with the kingdom’s reformation strategic plans targeting the expansion of revenue sources and minimizing its dependency on oil exports.
According to the world’s leading crude exporter, the Octane 91 will be priced at SR1.37 per liter compared to the earlier SR0.75, Octane 95 will sell at SR2.04 per liter up from the previous SR0.90, while diesel rates will remain the same.
The increase in Saudi Arabia fuel prices for January 2018 will be followed by a slowdown in the government initiatives to minimize amenities and subsidies for a diaspora of energy products as highlighted in the new 2018 fiscal plan, which was announced in December 2017.
Through its colossal reformative programs, the kingdom plans on reducing economic pressures while achieving sustainable development and future growth.