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Saudi Arabia puts local price cap on gasoline as oil hits multi-year highs

The Executive Committee approved keeping gasoline prices for June of 2021 as following gasoline octane 91 (SR 2.18) and gasoline octane 95 (SR 2.33).

The decision came from 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 July 2021 saw an increase (octane 91 at SR 2.28 and octane 95 at SR 2.44), subject to the approved ceiling, noting that the periodic review of prices will continue without exceeding the specified ceiling.

Aramco reviews prices in the Kingdom monthly to reduce the consumer’s vulnerability to fluctuations in export prices. It has 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 acquired 270 service stations and a fleet of fuel tankers in the Kingdom bearing the Sahel brand, which they intend to rebrand in the future.

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