Domestic petrol prices are reportedly set to increase to 80% by January 2018, as part of the Kingdom’s goal to better balance finances and refurbish the economy. According to Arabian Business, although the fuel prices will increase, it will do so in a gradual manner.
This means petrol and other fuels like diesel, kerosene and heavy fuel will increase in price over several years, a source who remained anonymous told Arabian Business. The person further noted that jet fuel prices will be exempt from this new rule.
The prices for petrol won’t reach international elevation until between 2023-2025
Reportedly, the plan to stop using subsidies for gas and jet fuel could begin in November.
This, however, hasn’t been officially announced by the Kingdom. We’ll have to wait and see if it is true. This is the latest official petrol update as of a few months ago.