Saudis could pay 80% more for petrol as part of plan to overhaul the economy
Kuwait/Riyadh — Saudi Arabia plans to raise domestic petrol and jet fuel prices in January, part of a programme to gradually eliminate energy subsidies as the kingdom seeks to overhaul its economy and balance the budget, according to a person with knowledge of the matter. Petrol prices are set to increase by about 80%, while jet fuel prices will be raised to international levels in one go, the person said, asking not to be identified because the matter was not public. There would be incremental increases over several years in petrol and other fuels such as diesel, kerosene and heavy fuel oil, the person said. Excluding jet fuel, prices would not reach international levels until 2023 at the earliest, and potentially by 2025. Electricity tariffs would not be increased directly, but would rise gradually with other energy prices, the person said. The finance ministry, which oversees the subsidy reform programme, did not immediately respond to a request for comment. The new plan represen...
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