The implicit cost of subsidized petroleum products and natural gas prices in Saudi Arabia was $83bn or 11.1% of GDP in 2014, the IMF says in a recent paper setting out its arguments for the need for energy price reform in the kingdom.

However, taking into account the decline in energy prices since 2014, the IMF projects that the implicit cost will fall to an estimated $65.9bn or 10.2% of GDP this year. (CONTINUED - 610 WORDS)