In light of Oil Prices Increasing, Saudi Aramco Announces New Gasoline Prices Monthly

Aramco has announced new gasoline prices in Saudi Arabia, starting today, February 16, 2020.

Starting from February 2020, domestic gasoline prices will be monthly updated on the 10th day of every month. The new prices will come into effect on the following day.

It is reported that on October 20, 2019, Aramco adjusted the price of gasoline and announced new prices that were already applied last October. The company confirmed that the price changes come as a result of energy price governance procedures, stressing that they are subject to change according to international prices.

Saudi Aramco announced the new gasoline prices as follows: –

Petrol 91 at 1.55 riyals per liter, i.e. a payment of 5 halalas.

Petrol 95 at 2.11 riyals per liter. That is, an increase of 6 halalas.

For more than four years, Saudi Arabia, the richest country in the region, has been suffering from difficult economic conditions due to the massive spending in its aggressive war on Yemen, which prompted it to raise fuel prices, impose taxes, in addition to borrowing after it was one of the creditor countries to cover its budget deficit, which has never happened before in the history of Saudi Arabia at all.

The Saudi budget deficit continues for the sixth consecutive year, increasing debt and resorting to increased spending to stimulate the slowing economy.