Staff of Reuters 2 minutes ReadFILE PHOTO: A guy fills up his car at a gas station in Khobar, Saudi Arabia, on April 14, 2019, following an increase in gasoline prices. Hamad I Mohammed/ Reuters DUBAI, United Arab Emirates (Reuters) – Saudi Arabia, the world’s top oil exporter, has imposed a July price restriction on domestic gasoline to help alleviate growing living costs and promote the economy, according to official media. According to a decree signed by King Salman, fuel prices will be restricted at 2.18 riyals (58.1 cents) per litre for 91 octane and 2.33 riyals per litre for 95 octane beginning July 10. According to official figures, Saudi Arabia’s annual inflation increased for the second month in a row in May, reaching 5.7 percent from 5.3 percent at the end of April, as food and beverage prices and transportation costs increased. As part of changes aiming at alleviating the burden of subsidies on state finances, promoting energy efficiency, and reducing consumption, the government has been attempting to bring domestic fuel costs in line with international levels. Saudi Arabia’s economy declined by 4.1 percent last year, but the International Monetary Fund forecasts real GDP to expand by 2.1 percent this year as the country recovers from the effects of the pandemic. (1 Saudi riyal = 3.750 dollars) Ahmad Elhamy contributed to this report. Helen Popper did the editing./n
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