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.
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That compares with 3,770 for the same period last year and 4,162 for 2022, the previous record high