Saudi Arabia’s Oil Giant Aramco Raises Domestic Gasoline Prices

Saudi Arabia’s oil giant Aramco said on Friday it will raise domestic gasoline prices for July, state news TV reported.

The new price for 91 octane grade will be 1.29 riyals instead of 0.98, and 95 octane grade will be at 1.44 riyals from 1.18 in June.

Saudi Arabia almost doubled domestic gasoline prices in early 2018 in an attempt to reduce the country’s budget deficit, which Saudi Arabia had not previously witnessed.

For five years, Saudi Arabia, the richest country in the region, has suffered difficult economic conditions due to the massive spending in its aggressive war on Yemen, raising fuel prices and imposing taxes.

According to Agencies.