Riyadh
Saudi Arabia on Saturday an-nounced it was putting a price cap on gasoline from July 10 to support local consumption and economy growth, as oil prices hit multi-year highs this year.
It is the first time the country is cap-ping prices since it first liberalized them in 2018 and linked them to inter-national price movement.
The Kingdom issued a royal directive to keep gasoline prices at SR2.18 ($0.58) for octane 91 and SR2.33 for octane 95, the Saudi Press Agency re-ported, citing the Energy and Water Price Reforms Executive Committee.
“This stems from the leadership’s keenness to reduce the living burdens of citizens and residents.—AN
