Saudi Arabia from 1 January increased prices for fuel supplied to industrial users, with major industrial firms announcing the expected financial impact in filings to the country’s Tadawul exchange this week.

Prices for both natural gas and liquids feedstock have been increased. Although the actual price figures have not yet been released, petrochemicals giant Sabic says that it expects the higher fuel prices will increase its annual cost of sales by 1.7% while Methanol firm Chemanol said higher gas prices will increase total annual costs by 2.9%. Meanwhile refining and petchems firm PetroRabigh says higher prices for “feedstock and fuel oil” will boost cost of sales by 0.9%. (CONTINUED - 156 WORDS)