Gas Prices Slashed by 25 percent in Saudi Arabia
Saudi King Abdullah issued a decree Sunday lowering domestic gasoline prices by about 25 %.The drop in prices means Saudis now will pay 60 halalahs per liter of regular gasoline, or about 60 cents per gallon. The price of super unleaded drops to about 76 cents a gallon. There are 100 halalahs in the Saudi riyal, which is worth about 26 U.S. cents.
The statement said the king issued the decree to ease the "cost of living burden on Saudi citizens."
The big reduction in gasoline prices in the world's largest oil producing nation was announced as prices in oil importing nations reached record levels and oil company profits soared to all-time highs.
The price of a gallon of regular gasoline in the United States now tops $3 in some regions.
Saudi Arabia has the world's largest known reserves of crude oil and is the current largest oil producer.
posted by Ottawa Gas Prices | 8:39 PM
1 Comments:
He's only doing that until the end of the year. I'm glad to see King Abdullah take this initiative. Less money spent on gas that will make them huge profits anyway will increase spending within the kingdom.
He, last year, ordered that the salaries of government workers be increased by 15%. He suggested the same to private companies so some did, some didn't.
The point is, he's trying to look after the welfare of our booming economy.
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