In pursuit of Vision 2030, Saudi Arab has launched some reforms effective from 1st January, 2018. One of them includes increase of fuel price. One of the main goal of Vision 2030 is to decrease the subsidies provided by the government. By increasing the fuel price of Octane 91 by 82%, Kingdom is still one of the countries to provide the cheapest oil.
Earlier Octane 91 was being sold for 0.75 SR per liter & Octane 95 was sold for 0.90 SR per liter. After increase, the new price of Octane 91 is 1.37 SR per liter & Octane 95 will be sold for 2.04 SR per liter. Effectively there is an increase of 82.6% for Octane 91 & 126.6 % increase for Octane 95.
Price of Diesel for industries (0.378 SR per liter), Diesel for industries (0.47 SR per liter) and Kerosene (0.64 SR per liter) remains unchanged.
If you filled a 50 liter tank with Octane 91, before 1st January, 2018, it would have costed 37.5 SR. With the hike in fuel price yesterday, it would now cost 68.5 SR.
If you filled a 60 liter tank with Octane 95, before 1st January, 2018, it would have cost 54 SR. With the hike in fuel price it would now cost 122.4 SR.
This is a very sharp increase in fuel prices but comparing with international standards, KSA is still one of the cheapest oil provider in the world.