It seems although petrol prices have hiked up, the Kingdom’s fuel rates are still one of the world’s cheapest. In a report by Argaam, the petrol prices were compared to the U.S. and Europe’s large oil producers. In Norway, their average fuel prices are three times higher than Saudi’s prices.
Saudi’s fuel rates even compete against other countries like in the UAE, Oman and Qatar. Prices were supposed to be doubled last year (2017) but the government instead went for something less of an increase.
I fully realize that despite the gradual increase in prices, there is an impact on the citizen, but this was taken into account when planning the Citizen’s Account Program. e hope that we have succeeded in reducing this impact as much as possible.
Al-Falih, Energy and Industry Minister, Khaled Al-Falih (via Argaam)
The Kingdom’s energy minister apologised to citizens and residents of Saudi for saying that people will be able to save money in 22016 through the support of government under the Citizen’s account plan. However, he reassures that future generations and society will be able to bask in the positive results of current reforms.