SAUDI SETS UPPER LIMIT FOR SUBSIDY CUTS WITH GASOLINE PRICE CEILING

  • 11/07/2021

Saudi Arabia’s government set an upper limit for the domestic cost of gasoline, a rare move to soften the impact of higher living costs on citizens.The decision, which represents a step back from unpopular subsidy cuts, comes just days after the International Monetary Fund urged officials to reduce subsidies even further.

The ceiling for gasoline prices will be set at June’s levels, or 2.18 riyals (58 cents) per liter of 91 octane, as of Saturday, according to a statement carried by the official Saudi Press Agency. The decision was made to “decrease the burden of living costs on citizens and residents” and “support local economic activity,” a state committee for amending energy prices said in the statement.

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