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Amidst global decline of oil prices, Saudi Arabia introduces new rise

Saudi Aramco employees [Notizie Economiche/Twitter]
Saudi Aramco employees [Notizie Economiche/Twitter]

Saudi Arabia has raised fuel prices, the official Saudi news agency said on Sunday, pointing out that Aramco would update oil prices on a monthly basis.

According to the Saudi Gazette, the price of petrol 91 octanes is SAR 1.55 ($0.41) per litre up from SAR 1.50 ($0.4) per litre in the previous quarter, while petrol 95 octanes will be SAR 2.11 ($0.56) per litre up from SAR 2.05 ($0.55).

The Saudi newspaper reported that Aramco has stopped updating oil prices quarterly and said it would update the prices on the 10th of every month, despite the fact that oil prices are decreasing globally.

Saudis, who turned to social media to share their opinion, considered it unreasonable as it is an extension of a series of price hikes and taxes which started in 2017 when the 2030 vision was announced.

READ: Italian dock workers refuse to resupply Saudi ‘weapons’ ship

Others called on the government to offer alternative transportation, including trains and buses, before raising the prices.

They also accused the government of deceiving them as it started to raise the prices gradually, comparing the prices today with the prices before Mohammed bin Salman’s time.

One Twitter user wrote that the rate of increase in oil prices in 14 years is 130 per cent while the rate of salary increases over the last 30 years is only 15 per cent.

They also compared the current time with the era of the late King Abdullah bin Abdul Aziz and said that the Saudis had a luxurious life during his time unlike today when they suffer from high taxes and prices.

Monitors say that Saudi has started to impose more taxes and raise prices to compensate for the deficit of its treasury as a result of wars and the amount it pays for protection to the US, citing deficit in the 2020 budget by SAR 187 billion ($49.9 billion).

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