Saudi Arabia raises local fuel prices

Saudi Aramco announced, Saturday, that domestic gasoline prices will increase on Sunday, July 14.

The company said in a statement that the price for Octane 95 gasoline will be increased to SR2.18 from SR 2.10 last quarter and Octane 91 to SR1.53 from SR1.44 per litre.

Aramco, the world’s largest oil company, explained its decision citing plans to reform energy prices sold in the domestic market.

Since 2015, Saudi Arabia has been increasing oil prices in parallel with a drop in global oil prices.

The kingdom is the largest producer of crude oil in the Organization of Petroleum Exporting Countries (OPEC) with an average of 10.4 million barrels per day.