A decision to raise local fuel prices for the next few weeks took effect in Saudi Arabia on Sunday, Saudi Gazette reported.
As per the decision, gasoline 91 is now priced at 1.55 Saudi riyals ($0.41) per liter up from 1.50 Saudi riyals ($0.40) in the last quarter. Gasoline 95 now costs 2.11 Saudi riyals ($0.56) per liter up from the previous 2.05 Saudi riyals ($0.55).
According to the state's oil company, Saudi Aramco, the hike in prices comes in accordance "with the governance procedures of pricing adjustment of approved energy and water products."
This is not the first time the kingdom raises the prices of fuel in the country as they continuously fluctuate according to changes in the international market. However, this time, a few more details were announced along with the hike. Here's what you need to know:
Fuel prices are now going to be updated monthly instead of quarterly
Starting this month, local fuel prices are going to be updated on a monthly basis rather than the usual quarterly announcement.
The kingdom will now be announcing changes to local fuel prices on the 10th day of every month. This comes as oil prices continue to heavily fluctuate on a global level which in turn drastically affects the Gulf nation's pricing.
Authorities are going to strictly enforce the application of price changes
In the wake of this week's changes, the Saudi Ministry of Commerce said it will closely monitor the implementation of the new prices at local gas stations.
Random inspections are set to be carried out at outlets all over the kingdom.
Some Saudis are criticizing the recently announced changes
Some Saudis criticized the most recent hike in price especially since oil prices are plummeting worldwide. Others thought monthly updates to prices were unreasonable.
Not everyone held the same point of view over the matter, though. A few said the hike is necessary as Saudi Aramco tries to keep up with the changes in international demand and costs.
They explained that when compared to other countries around the globe, the kingdom continues to offer some of the lowest fuel prices in the world.