Saudi Arabia to raise energy prices, pay cash to poorer citizens

12 December 2017 – Saudi Arabia has approved a new round of energy price hikes and a cash handout system for low- and middle-income citizens to offset the impact of the changes, fresh steps in a year-old austerity program amid low crude prices. The cabinet approved the “gradual correction of pricing for some energy products”, including electricity tariffs, state news agency SPA said on Tuesday. The kingdom will announce increases in the domestic prices of gasoline, jet fuel and diesel in the first quarter of next year, bringing prices up into line with global benchmarks, the energy ministry said on Tuesday. The electricity regulator said new tariffs for households and commercial establishments would be applied from Jan. 1. Tariffs for all but the largest residential users will more than triple, albeit from a very low base. Tariffs would not change for industrial and government users, the regulator said. Read the full article on the Reuters website.