Saudi Petrol Price Soars . . . to 16p a litre

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Saudi Petrol Price Soars . . . to 16p a litre

 The cost of petrol has risen by 40 per cent 



 A joke of a country who offer no assistance to fellow muslims suffering in nearby countries
The west totally fails to critise them while we here in Europe offer help and assistance to those most in need

 
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The cost of filling up their petrol tanks almost doubled for Saudi drivers yesterday as the first measures in a radical austerity plan came into effect.
The sharp reduction in petrol subsidies is only the first in a series of cuts aimed at countering Saudi Arabia’s record deficit, the result of a prolonged period of low oil prices.
Outside Saudi Arabia, the rise hardly looks punitive. Although 40 per cent, it takes the cost of a litre of petrol only to about 16 pence. But the rise represents an end to the nation’s profligate spending, one of the key ways in which its rulers have sought to maintain stability.
Cheap petrol is among the most popular perks afforded to Saudi citizens living under one of only five absolute monarchies left in the world. Water and electricity are also massively subsidised. The average monthly electricity bill is 100 riyals, or about £18. For that, consumers can run air conditioning night and day.
The finance ministry announced that those costs would rise gradually over the next five years to try to address this year’s 367 billion riyal (£66 billion) deficit, nearly seven times larger than the year before. That record deficit is a direct result of Saudi Arabia’s decision to flood the global market with crude, driving down prices to force out higher-cost producers of fuel such as shale oil.
While the country has preserved its market share, collapsing oil prices have bitten deep into its revenue. Oil and gas make up 90 per cent of Saudi government income.
Other spending has soared this year, with 88 billion riyals given in bonuses to civil servants to celebrate King Salman’s accession to the throne in January, despite warnings of the looming record deficit.
Three million of Saudi Arabia’s 5.5 million-strong national workforce are employed by the government. All received an extra two months’ salary, as did students, soldiers and pensioners, to celebrate the coronation.
“Dear people, you deserve more and whatever I do will not be able to give you what you deserve,” the new king tweeted.
Salman’s giveaway has its analogue in an earlier act of largesse by his predecessor, King Abdullah, who gave away close to 500 billion riyals at the height of the Arab uprisings to placate the Saudi public and secure the continued loyalty of the religious establishment. That bonanza, however, came in 2011, when a barrel of crude was worth almost three times its present 11-year low.
Saudi Arabia is also funding military operations in Yemen, where it launched a bombing campaign to repel advances by the Iranian-backed Houthi rebels.
Riyadh has revealed the full cost of that operation, saying that it had increased annual military spending by 20 billion riyals.
The war significantly boosted the popularity of the new regime, even as Riyadh faces mounting international criticism over the civilian death toll.

 

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