Owais
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Saudi Arabia slashes POL prices
RIYADH: Saudi Arabia has cancelled planned 25 per cent increase in regular petrol prices on the orders of the Custodian of the Two Holy Mosques King Abdullah bin Adulaziz.
ââ¬ÅThis order is the latest of (King Abdullahââ¬â¢s) initiatives which aim to contribute to the welfare of the Saudi people,ââ¬Â Oil Minister Ali Al Naimi said.
In April, the King also issued a decree slashing gasoline and diesel prices by around 30 per cent. This was seen as aimed at softening the blow of a stock market crash and pushing economic growth in the oil-dependent country.
Large numbers of small Saudi investors have been hit by the crash that wiped about 40 per cent off the value of the largest bourse in the Arab world.
The price of 95-octane petrol would remain at 0.60 riyal ($0.16) per litre, and would not be raised to 0.75 riyal per litre as of January 1 as earlier announced.
The new 91-octane gasoline would be sold at 0.45 riyal per litre, instead of the earlier announced 0.60 riyal, it added.
Saudi Arabia, the worldââ¬â¢s largest oil exporter, said on Monday it would have a record budget surplus of $71bn in 2006 and would increase spending in 2007.
Up to 9 million Saudis, or half the native population, have invested in the stock market, encouraged by a government, which hoped the bourse would enable citizens to share in an economic boom that has come with record world oil prices.
RIYADH: Saudi Arabia has cancelled planned 25 per cent increase in regular petrol prices on the orders of the Custodian of the Two Holy Mosques King Abdullah bin Adulaziz.
ââ¬ÅThis order is the latest of (King Abdullahââ¬â¢s) initiatives which aim to contribute to the welfare of the Saudi people,ââ¬Â Oil Minister Ali Al Naimi said.
In April, the King also issued a decree slashing gasoline and diesel prices by around 30 per cent. This was seen as aimed at softening the blow of a stock market crash and pushing economic growth in the oil-dependent country.
Large numbers of small Saudi investors have been hit by the crash that wiped about 40 per cent off the value of the largest bourse in the Arab world.
The price of 95-octane petrol would remain at 0.60 riyal ($0.16) per litre, and would not be raised to 0.75 riyal per litre as of January 1 as earlier announced.
The new 91-octane gasoline would be sold at 0.45 riyal per litre, instead of the earlier announced 0.60 riyal, it added.
Saudi Arabia, the worldââ¬â¢s largest oil exporter, said on Monday it would have a record budget surplus of $71bn in 2006 and would increase spending in 2007.
Up to 9 million Saudis, or half the native population, have invested in the stock market, encouraged by a government, which hoped the bourse would enable citizens to share in an economic boom that has come with record world oil prices.
