Saudi Arabia is Reportedly Planning to Hike Petrol Price by 80%

Saudi Arabia is Reportedly Planning to Hike Petrol Price by 80%Saudi Arabia plans to raise petrol and jet fuel prices in January in an effort to reduce energy subsidies and bolster state finances, according to a report by Bloomberg.

Petrol prices are set to jump by about 80% while jet fuel prices will be raised to international levels, a person with knowledge of the matter told Bloomberg. Other fuel types and electricity tariffs are also expected to rise in price over the coming years.

Fuel prices, excluding jet fuel, are not expected to rise to international levels until 2023 at the earliest. Under Crown Prince Mohammed bin Salman’s plans to reform the economy, fuel subsidies are eventually to be totally eliminated.Saudi Arabia is Reportedly Planning to Hike Petrol Price by 80%