Riyadh –  The Saudi Arabian Oil Company (Saudi Aramco) has adjusted the local fuel prices after the decision to increase the value-added tax (VAT) to 15% came into effect on Wednesday.

The oil giant has set the prices for the Octane 91 at SAR 0.98 per litre and the Octane 95 at SAR 1.18 per litre, according to an official statement.

Moreover, the per-litre prices of diesel, kerosene, and liquefied petroleum gas (LPG) were set at SAR 0.52, SAR 0.70, and SAR 0.75, respectively.

The new prices will be effective starting as of 1 July until 10 July, Aramco noted.

Saudi Arabia decided to triple the VAT rate to 15% from 5% on all applicable goods and services in commercial markets in an attempt to protect the Saudi economy and mitigate the unprecedented financial and economic ramifications of the coronavirus (COVID-19) pandemic.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.