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Thursday March 28, 2024

Saudi Arabia to raise energy prices, compensate families

By AFP
December 13, 2017

RIYADH: Saudi Arabia decided Tuesday to hike energy prices while paying compensation to Saudi families, as the world’s top oil exporter seeks new revenue sources. The cabinet, in a session chaired by King Salman, approved plans to “reform” electricity and fuel charges, as part of measures to counter lower oil prices on the world market, the official news agency SPA reported. In a first, the government also approved cash transfers to some 3.7m Saudi families, covering 13 million of the country’s 20-m population, to compensate them for the hike. Expatriates working and living in the kingdom have been excluded from the cash transfer programme which will start next week.