Riyadh, Asharq Al-Awsat-The Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz issued a royal decree yesterday on reducing petrol prices for consumers in the Kingdom to improve the standards of citizens’ living.
The drop in prices means Saudis now will pay 60 halalahs per liter of regular gasoline. There are 100 halalahs in the Saudi riyal, which is worth about 26 U.S. cents.
The decrease will reach 30 percent by year’s end, according to a government statement.
The big reduction was announced as prices in oil importing nations reached record levels and oil company profits soared to all-time highs.
The price of a gallon of regular gasoline in the United States now tops $3 in some regions.
Saudi Arabia has the world’s largest known reserves of crude oil and is the current largest oil producer.