Riyadh – Mubasher: The overhaul of energy prices in Saudi Arabia is the most important item in achieving fiscal balance programme, said the Ministry of Finance (MoF) on Wednesday.
Energy price adjustment initiative aims to spur rational consumption, encourage implementation of large investments in the industrial sector, deliver subsidy to who deserves it, as well as consolidating the country’s financial position, the MoF added.
The scheme of energy prices was amended after announcing it in 2016, and it may be changed again subject to developments in achieving fiscal balance programme, accoridng to the MoF.
The ministry concluded that the prices of gasoline and diesel must be tied up to the global prices gradually as of 2020.
