New Prices Of Oil Products Apply To Saudi Domestic Market
The Saudi Ministry of Energy, Industry and Mineral Resources announced that the new prices of oil derivatives would apply to the domestic market as of Sunday midnight.
Recalling the statement of December 12, the Ministry said the plan to correct the prices of oil derivatives aims to reducing the rapid growth in domestic consumption.
The new prices, set forth in statement carried by the SPA, including VAT, are as follows; Gasoline 91 - 1.37 Saudi riyals per liter (SR/L); Gasoline 95 SR/L 2.04; Diesel for industry and utilities SR/L 0.378, Diesel for transport (unchanged) SR/L 0.47; and Kerosene (unchanged) SR/L 0.64.
A US dollar equals SR 3.75. The regulatory authorities will continue monitoring the markets to ensure that prices are applied, and that supplies are not interrupted, according to the statement.
Legal penalties will be applied to anyone who raises prices before the stated time or stops providing products, it warned. Saudi Aramco will also provide its customers with detailed information on mechanisms of applying these prices.