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Saudi Arabia may increase gasoline prices by 80% in January

Saudi Arabia plans to increase prices of gasoline, jet fuel, and diesel in January to gradually remove subsidies as the Kingdom seeks to implement economic reforms, reports Bloomberg.



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Author: PetrolPlaza Correspondent Daniel Infante Tuaño

Gasoline prices could increase by about 80 percent, jet fuel prices would be raised to international levels, while other fuels such as diesel, kerosene, and heavy fuel oil would have incremental increases over several years, added the Bloomberg report.

The Kingdom’s Ministry of Energy, Industry and Mineral Resources confirmed that the decision to correct petrol and aviation fuel prices as well as electricity tariffs will be implemented in the first quarter of 2018, according to Saudi Press Agency (SPA).

“This aims to enhance economic, environmental efficiency, rationalize consumption of natural resources, namely "energy products" and conserve them for the benefit of the future generations, while taking into account sustaining the competitiveness of the industrial sector and other economic sectors,” stated the SPA press release.

In the last year, there has been a consolidation of power in Mohammed bin Salman’s that has affectec all aspects of society and pushed the country to reform many areas. 

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