Gasoline prices to rise 80% in Saudi Arabia

According to a recent Bloomberg report, Saudi Arabia is set to implement a plan that phases out subsidies for gasoline and jet fuel in the coming few months. 

If the plan goes through, it would come amid a huge global decline in oil prices.

A source with knowledge of the matter spoke to Bloomberg on condition of anonymity and explained that under the latest plan, "the government would boost gasoline to parity with varying international prices."

"At current levels, this could result in a hike of about 80 percent for octane-91 grade gasoline to about 1.35 riyals per liter (0.36 cents)," the source added. 

While the plan is set to take effect in November of this year, the source said the government might plan to delay the hike until early 2018.  

However, they also explained that "authorities are expected to make a final decision on the plan in September or October." 

"In December 2015, the kingdom raised the price of 95 octane gasoline to 0.90 riyal ($0.24) per litre from 0.60 riyal." 

While earlier reports speculated that Saudi authorities might decide to raise fuel prices by a further 30 percent this summer, no such decision has taken effect yet. 

Bloomberg reached out to the Saudi finance, economy and energy ministries for comment on the matter. 

They have yet to receive a response. 

Even though news of the hike remains unconfirmed on the part of Saudi authorities, reports on the matter quickly began to make the rounds online, sending Saudi Twitter users into a hilarious meltdown of the sorts.  

"Everything keeps increasing except our salaries... why?"  

"So, should I sell my Yukon?"  

"It's time for solar power cars."  

"Bike for sale." 

"Hope this turns out to be fake news. However, if prices do rise, may God ease the consequences."