Saudi Arabia Slashes Petrol Prices

World | May 1, 2006, Monday // 00:00

Amidst rising international crude oil prices, Saudi King Abdullah ordered a more than 30% cut in petrol prices in the kingdom. "In order to improve the living standard of citizens and for the public good, we have ordered that the price of one litre of petrol for the consumer be changed to 60 halalas (the local currency) instead of 90 halalas until December 31, 2006," the Saudi Press Agency, quoting from a Royal Decree issued by King Abdullah, said. Diesel prices were also cut from 37 to 25 halalas per litre, the agency said.

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