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Saudi Arabia: Royal Decree Reduces Petrol Prices - ASHARQ AL-AWSAT English Archive
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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.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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