Saudi Arabia puts cap on local gasoline price for July, starting today
A Saudi man walks past a pump at a petrol station in Jeddah. File/ AFP
The Saudi Arabian Energy Commission announced a cap for local gasoline prices in July.
The royal court announced the decision on Saturday.
According to the directive, octane 91 will be sold at 2.28 riyals, and octane 95 at 2.44 riyals. The move comes into effect from July 10.
This would continue without exceeding the above-mentioned cap.
Gasoline prices for the month of June were as follows: Octane 91 at 2.18 riyals, and Octane 95 at 2.33 riyals.
The directive included that the state bears what may exceed the prices of the month of June upon the monthly periodic review of prices.
The authorities explained that the Saudi leadership is keen to reduce the living burdens on citizens and residents in all parts of the country.
The authorities are continuously working to provide the best for the public and therefore support the local economy.
The Saudi authorities have been working to bring domestic fuel prices in line with international levels.
It is part of the reform aimed at easing the burden of subsidies on state finances, improving energy efficiency and cutting consumption.
