Saudi Arabia, the world's largest oil exporter, set a cap on local fuel prices for July to help alleviate pressure on the cost of living and support the economy, official media reported on Saturday.
Fuel prices will be capped at 2.18 riyals (58.1 cents) per litre for the 91 octane grade, and at 2.33 riyals per litre for the 95 octane variety, effective July 10, according to a decree issued by King.
Any increase above those prices will be covered by the government.
Branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia. (Reuters/Maxim Shemetov/File Photo)
