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Saudi Aramco adjusts fuel prices after latest VAT hike

Saudi Aramco adjusts fuel prices after latest VAT hike
The price for Octane 91 has been set at SAR 0.98 per litre
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Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) has adjusted the local fuel prices after the decision to increase the value-added tax (VAT) to 15% came into effect on Wednesday.    

The oil giant has set the prices for the Octane 91 at SAR 0.98 per litre and the Octane 95 at SAR 1.18 per litre, according to an official statement.

Moreover, the per-litre prices of diesel, kerosene, and liquefied petroleum gas (LPG) were set at SAR 0.52, SAR 0.70, and SAR 0.75, respectively.

The new prices will be effective starting as of 1 July until 10 July, Aramco noted.

Saudi Arabia decided to triple the VAT rate to 15% from 5% on all applicable goods and services in commercial markets in an attempt to protect the Saudi economy and mitigate the unprecedented financial and economic ramifications of the coronavirus (COVID-19) pandemic.