Saudi Arabia .. Royal directive to fix the ceiling on gasoline prices
The Executive Committee for the Governance of Adjusting the Prices of Energy and Water Products in Saudi Arabia announced the issuance of the royal directive to approve that gasoline prices for the month of June of 2021, gasoline “octane 91/2.18 riyals,” and gasoline (octane 95/2.33 riyals), shall be the local price ceiling for gasoline. Effective July 10, 2021.
The royal directive ensured that the state would bear what may exceed the prices for the month of June upon the monthly periodic review of prices.
This came out of the leadership's keenness to reduce the living burdens on citizens and residents, and its continuous quest to achieve the public interest, and support local economic activity.
According to the directive, gasoline prices for the month of July 2021 AD, which witnessed an increase of gasoline (octane 91/2.28 riyals), and gasoline (octane 95/2.44 riyals), will be subject to the approved ceiling, noting that the periodic review of prices continues without exceeding the specified ceiling.
Aramco reviews prices in the Kingdom on a monthly basis, in order to reduce the consumer's vulnerability to fluctuations in export prices.
Saudi Aramco had succeeded in developing its service stations sector and enhancing its access to retail customers within the Kingdom, thanks to its entry into a 50-50 joint venture with Total to operate service stations within the Kingdom.
The two companies also entered into an agreement to acquire 270 service stations and a fleet of fuel tankers in the Kingdom bearing the (Sahel) brand.
The two companies intend to rebrand these stations in the future.
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