By Bernd Debusmann Jr
Beginning this month, local fuel prices in Saudi Arabia will be updated on the 10th day of each month, rather than each quarter
Saudi Arabia announced an increase in fuel prices from February 16, the state-run Saudi Press Agency (SPA) said.
According to the SPA, gasoline 91 will be priced at SAR 1.55 per litre, up from SAR 1.5 per litre the previous quarter. Gasoline 95 is now priced at SAR 2.11 per litre, compared to SAR 2.05 the previous quarter.
Beginning this month, local fuel prices will be updated on the 10th day of each month, rather than each quarter.
The new prices will come into effect the following day.
According to energy giant Saudi Aramco, the new fuel prices are in accordance with government directives to adjust pricing for approved energy and water products.
Fuel prices in the kingdom are linked with export prices and therefore will fluctuate, according to Saudi Aramco.
Saudi Arabia’s government, for their part, has launched inspections of petrol stations across the kingdom to ensure compliance with the implementation of the new prices.