Petrol prices are set to increase by about 80%, while jet fuel prices would be raised to international levels in one go, the person said, asking not to be identified because the matter isn’t public. Petrol and other fuels such as diesel, kerosene and heavy fuel oil would see incremental price increases over several years, the person said. Excluding jet fuel, prices won’t reach international levels until 2023 at the earliest, and potentially by 2025. Authorities first reduced subsidies in December 2015 after years of debate as oil prices plummeted. Finance Minister Mohammed Al-Jadaan said in an interview in October that prices of some subsidised domestic energy products would rise to international levels later than previously seen.

Source: The Star December 12, 2017 22:41 UTC