Saudi Arabia ups fuel prices, revision will now be monthly

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Saudi Aramco has increased fuel prices in Saudi Arabia starting Sunday (Feb. 16), Saudi Press Agency (SPA) reported.

Gasoline 91 will be priced at SR1.55 per liter from SR1.50 per liter in the previous quarter, while gasoline 95 will be priced at SR2.11 per liter from SR2.05.

Starting February 2020, local fuel prices will be updated monthly on the 10th day of every month instead of quarterly.

The new prices will come into effect the following day. According to Saudi Aramco, this is in accordance with the governance procedures of pricing adjustment of approved energy and water products.

Fuel prices in the Kingdom are linked with export prices in the world market. Therefore, prices fluctuate according to changes in the international market, the company said.

Meanwhile, the ministry of commerce has said it will inspects gas stations to ensure implementation of the new prices.