Saudi Arabia may raise petrol price by 80%

Spending cuts: A car waiting to fuel up at a petrol station in Riyadh. The world’s biggest oil exporter is struggling to cope with low prices and spending cuts aimed to reducing a budget deficit. — Reuters

KUWAIT: Saudi Arabia plans to raise domestic petrol and jet fuel prices in January, part of a programme to gradually eliminate energy subsidies as the kingdom seeks to overhaul its economy and balance the budget, according to a person with knowledge of the matter.

Petrol prices are set to increase by about 80%, while jet fuel prices would be raised to international levels in one go, the person said, asking not to be identified because the matter isn’t public.