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Oil

Saudi Arabia sets cap on local gasoline price for July: SPA

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Saudi Arabia, the world’s largest oil exporter, set a cap on local gasoline prices for July to help alleviate pressure on the cost of living and support the economy, official media reported on Saturday.

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Fuel prices will be capped at 2.18 riyals (58.1 cents) per liter for the 91 octane grade, and at 2.33 riyals per liter for the 95 octane variety, effective July 10, according to a decree issued by King Salman.

Any increase above those prices will be covered by the government.

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