Saudi Arabia’s Ministry of Energy announced new oil products prices on 31 December, increasing the cost of 95 RON gasoline by 127% to SR2.04/liter ($0.54/liter) and 91 RON gasoline by 83% to SR1.37/liter ($0.37/liter) beginning at midnight on 1 January.

Besides hiking prices for gasoline, the main fuel for small road vehicles, the new pricing – which includes value added tax (VAT) of 5% – holds steady the prices for diesel used for road transport and kerosene, while raising the cost of diesel used by industry and utilities by 12% (see table). (CONTINUED - 1183 WORDS)