Riyadh – Mubasher: National Gas and Industrial Company (GASCO) said that the prices of liquefied petroleum gas (LPG) cylinders were not adjusted, with the exception of 5% value added tax (VAT) which was calculated on the cylinder’s original price.

On Monday, 1 January, Saudi Arabia started putting the VAT into effect according to the common VAT agreement across the GCC.

The VAT is a composite tax which is imposed on the differential between cost and selling prices of products, it is deemed an indirect tax, and it is applied on production’s cost.

The Saudi Ministry of Energy, Industry and Mineral Resources on Monday issued a statement to reveal the new prices of the domestic oil derivatives which will be applied, as of 1 January.