Saudi Arabia raises gasoline prices

SANAA, July 14 (YPA) – Saudi Aramco decided on Saturday to raise the price of gasoline in local market to the price of 91 grade reaching 1.53 riyals per a litre from 1.44 and 95 grade rising to 2.18 riyals from 2.10, Reuters reported.
Aramco said in a statement that” the adjustments were in line with the government’s plans to reform energy and water prices, they were subject to changes in global exports prices,”

Saudi Aramco had earlier announced that it had awarded 34 contracts for a total value of $18 billion for design, supply and construction projects in the coral and land oil fields.

Aramco aims to increase the production capacity of the two fields by 550,000 barrels per day of Arab crude and 2.5 billion standard cubic feet of gas per day, the company added.

The company’s maximum sustainable oil production capacity currently stands at 12 million barrels per day, the statement read.

E.M