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Saudi Arabia lifts domestic gasoline prices

by ChemOrbis Editorial Team -
  • 29/12/2015 (10:41)
According to media sources, Saudi Arabia, the world’s leading oil producer, lifted their domestic gasoline prices by as much as 40% following the announcement of a record $98 billion budget deficit on December 28 owing to persistently weak oil prices.

Although the budget deficit was not as big as the International Monetary Fund had expected, at $130 billion, the numbers signalled the highest deficit figure in Saudi Arabia’s history. The kingdom saw very steep decreases in revenues, a more than 60% drop, since mid-2014 as oil prices have remained below the $40/bbl threshold.

In an attempt to overcome the deficit, Saudi Arabia also will cut subsidies for electricity, water, diesel and kerosene over the next five years.

Saudi Aramco’s chairman Khalid al-Falih commented on the country’s recent decision to raise fuel prices and said that the Saudi petrochemical sector will adjust to the rise in domestic energy prices and remain competitive.
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