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Mon 15 Jul 2019 02:55 PM

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Saudi Arabia raises price of petrol

Aramco said domestic gas prices are subject to fluctuations due to changes in export prices

Saudi Arabia raises price of petrol
The world’s largest exporter of crude oil said domestic gasoline prices are subject to fluctuations due to changes in export prices to global markets.

Saudi state oil company Saudi Aramco on Sunday announced a 3.8% increase in prices for Octane 95 gasoline from SR 2.10 last quarter to SR2.18 and for Octane 91 from SR1.44 to SR1.53 per litre, according to a statement from the company.

The world’s largest exporter of crude oil said domestic gasoline prices are subject to fluctuations due to changes in export prices to global markets, local media reported.

Despite OPEC partners restricting oil production, the kingdom last week awarded $18 billion in 34 contracts (half of them going to Saudi firms) to boost output capacity at two offshore deposits.

The company will add a total 550,000 barrels a day of capacity at its Marjan and Berri oil fields. It did not, however, identify the 16 companies that won the contracts or specify when the projects would be completed.

Saudi Aramco regularly produces 10 million barrels a day, but aims to produce 12 million daily in a bid to maintain spare capacity available for quick use in case of shortages.

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