Saudis May Raise Domestic Gasoline Prices by 80%

KSA is considering a plan to phase out subsidies for gasoline and jet fuel in November 2017 at the latest, as the world’s biggest oil exporter pushes a program to curtail spending after a global slump in prices.

The government would boost gasoline to parity with international prices under the plan, according to a person with knowledge of the matter. At current levels, this could result in a hike of about 80% for octane-91 grade gasoline to about 0.36 cents, the person said on condition of anonymity, Bloomberg reported.

Saudi Arabia is considering a plan to phase out subsidies for gasoline and jet fuel in November at the latest, as the world’s biggest oil exporter pushes a program to curtail spending after a global slump in prices.

Source: Saudis May Raise Domestic Gasoline Prices by 80%