Prices will also increase for electricity, water, diesel and kerosene under the cuts decided by the council of ministers
Riyadh: Saudi Arabia said Monday it was raising petrol prices by more than 50 per cent for some products from Tuesday as it cuts a range of subsidies after posting a record budget deficit.
Prices will also increase for electricity, water, diesel and kerosene under the cuts decided by the council of ministers headed by King Salman, the official SPA news agency reported.
The council decided to raise the price of higher-grade unleaded petrol to 0.90 riyals ($0.24) per litre from 0.60 riyals, a hike of 50 per cent, and for lower-grade petrol to 0.75 riyals ($0.20) from 0.45 riyals per litre, a 67 per cent rise.
Petrol prices in Saudi Arabia have been the cheapest in the Gulf and some of the lowest in the world.
National oil conglomerate Aramco said on Twitter it was immediately closing petrol stations until midnight on Monday, when it will resume sales at new prices.
The cabinet said the increase was in line with international energy prices.
Prices will also rise for other fuels including natural gas, diesel and kerosene and for heavily subsidised electricity and water, but details were not immediately available.
Saudi Arabia is following in the footsteps of the neighbouring United Arab Emirates, which became the first Gulf state to liberalise fuel prices earlier this year.
Image Credit: AFP