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Saudi Arabia slashes petrol prices by more than 30%
 RIYADH: Saudi King Abdullah ordered petrol prices in the oil-rich kingdom slashed by more than 30 percent on Sunday, according to a copy of the decree carried by the official SPA news agency. "In order to improve the living standards of citizens and for the public good, we have ordered that the price of one litre of petrol for the consumer be changed to 0.60 riyals (17 cents) instead of 0.90 riyals (24 cents) until 10/12/1427," the decree said, referring to the last month of the Muslim lunar calendar which would coincide with next January. The move came as Western consumers of the world's leading oil producer and exporter were facing sharply increased prices at the pumps amid record high crude prices.
Posted by: Fred 2006-05-01 |
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| http://www.rantburg.com/poparticle.php?ID=150315 |