Saudi Aramco Reduces Local Gasoline Prices for Q4

Monday, 21st October 2019
by Mai El Ghandour

Haradh, SAUDI ARABIA: A general view shows a new plant inaugurated 22 March 2006 in Haradh, about 280 kms (170 miles) southwest of the eastern Saudi oil city of Dhahran, launching a project adding 300,000 barrels of oil to the kingdom’s daily production capacity. The facility which was opened today in a ceremony attended by Saudi Oil Minister Ali al-Nuaimi was completed in January, ahead of schedule, the company said. Approximately 160 kms (100 miles) of new pipeline and extensions will transport crude and gas products to processing facilities further north in the Eastern Province, a statement said. Saudi Arabia, the world’s top crude producer and exporter, currently pumps around 9.5 million bpd of oil and has a production capacity of around 11 million bpd. AFP PHOTO/STR (Photo credit should read -/AFP/Getty Images)

Saudi Aramco announced that it started reducing gasoline prices on October 20, according to Saudi Gazette.

Aramco’s 91 grade — used by the majority of modern cars — will be priced at 1.50 riyals per liter, down from 1.53 riyals per liter in Q3. The 95 grade — used for high performance cars — will cost 2.05 riyals per liter, down from 2.18 riyals per liter.

The decision to reduce prices was taken based on the governance procedures of pricing adjustment of approved energy and water products.

However, the domestic prices of gasoline are subject to change due to the different export prices from Saudi Arabia to international markets, the company revealed.