Riyadh –  The Saudi Automotive Services Company (SASCO) announced that its decision to raise its profit margin on petroleum products will not affect prices for the end consumer.

The decision, which was approved last year by the Saudi Ministry of Energy, sets new profit margin for gas stations and service centres.

The margin for gasoline has been increased to 15 halalas up from 9 halalas per litre, while for diesel it was set at 5 halalas per litre, instead of 3.5 halalas.

SASCO confirmed on a statement to the Saudi Stock Exchange (Tadawul) that the change in wholesales will not affect retail prices at stations.

Starting from Tuesday 4 February 2020, SASCO is requesting new quantities from Saudi Aramco according to the new profit margin.

SASCO and Aramco are yet to agree on the mechanism of receiving the retroactive profit margin, and are working to finalize it, the statement noted.

Moreover, the financial impact of the new policy will start from the first quarter (Q1) of 2020.

 

Source: Mubasher

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