Saudi Arabia has increased the price of petrol, as it looks to curb the rapid growth in domestic consumption of energy products in the kingdom.

Effective from January 1, the Ministry of Energy, Industry and Mineral Resources announced plans to increase the price of Octane 91 fuel from 0.75 riyals per litre to SR1.37 per litre (82% increase) and 95 Octane from 0.90 riyals per litre to SR2.04 per litre (up 126%). Diesel for transport remains unchanged.

The increased prices include VAT, which was also introduced across the kingdom on Monday.

The kingdom’s Ministry of Commerce and Investment said it will monitor fuel stations in all regions of the country to ensure that prices are applied, not manipulated, and that supplies are not interrupted. Saudi Aramco said it will provide its customers with detailed information on mechanisms of applying these prices.

As part of its budget announcement last month, Saudi Arabia said its economy contracted for the first time in eight years due to austerity measures as it announced record spending to stimulate growth.

Riyadh also posted a higher-than-expected budget deficit in 2017 and forecast another shortfall next year for the fifth year in a row due to the drop in oil revenues.

It unveiled plans to spend more than ever in 2018 in a bid to stimulate the sluggish economic, saying it expects GDP to grow by 2.7 percent.

The finance ministry estimated a deficit of $52 billion for 2018.

King Salman told the cabinet that Saudi Arabia expects to continue posting deficits through to 2023.

fulaniHERDSman:
buhari people!
alwsys comparing evil!
wen una go compare us with great achievements of others.
useless blood thirsty gworo chewing herdsman wasting our time!
2019 where are youuuuuuuuuuu!!!!

2019 will come and you will still wail till 2023, the earlier you understand that, the better for you

RisMas:

2019 will come and you will still wail till 2023, the earlier you understand that, the better for you

fulaniHERDSman:

animals talk politics, humans talk welfare and development. very easy to tell which you are

And pig's brain is as dirty as it looks... Now, i know what your brain looks like even though i doubt if you have one

Nutase:
Convert to naira let's see.

RisMas:

204 Naira per litre approx