Saudi Arabia Releases Market Regulations for Gas, LPG Distribution, Sales Services

Self-Service Vending Machine for Gasco Saudi Arabia (Asharq Al-Awsat)
Self-Service Vending Machine for Gasco Saudi Arabia (Asharq Al-Awsat)
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Saudi Arabia Releases Market Regulations for Gas, LPG Distribution, Sales Services

Self-Service Vending Machine for Gasco Saudi Arabia (Asharq Al-Awsat)
Self-Service Vending Machine for Gasco Saudi Arabia (Asharq Al-Awsat)

Saudi Arabia has taken a significant step towards enhancing the relationship between service providers and consumers by introducing regulations that govern the process of distributing and selling liquefied petroleum gas (LPG).

These regulations aim to streamline and improve the interaction between the parties involved, ensuring efficient and reliable LPG services for consumers.

On Sunday, the Energy Ministry released a guidebook outlining the procedures for providing LPG distribution and sales services, revealing the introduction of self-service and e-services, marking a significant milestone in the sector.

The government issuing the executive regulations, regulatory guidelines, and service provision manual for the dry gas and LPG distribution systems for residential and commercial purposes aims to encourage investment in these activities to serve the public interest and achieve developmental objectives in the country.

The new guidelines will be enforced across all outlets selling gas cylinders, including stores, kiosks, and self-service vending machines.

Service providers are required to promptly disclose any changes in service or product prices, while also offering various payment options, whether electronic or through point-of-sale devices.

Additionally, a comprehensive payment system will be established, encompassing all e-payment methods.

According to the guidelines, gas cylinder retailers are obligated to offer all approved types of cylinders that are in sound condition, clean, and equipped with sealed valves.

These cylinders should be sold at the approved tariff, ensuring that consumers have access to pricing information for other products and services as well.

Service providers must also commit to ensuring that self-service vending machines and kiosks for cylinder sales include clear instructions in both Arabic and English.

Furthermore, service providers must pledge to fulfill orders within a maximum period of six hours from the time of acceptance.

According to the released guidelines, service providers are required to adhere to the procedures governing invoice issuance and payment collection for their services.

Invoices must comply with the relevant regulations and requirements, and they should be issued and provided to the consumer either physically, via text message, or through email.



Bitcoin Drops to 11-day Low amid Tech Selloff

FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
TT

Bitcoin Drops to 11-day Low amid Tech Selloff

FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo

Bitcoin fell below $100,000 on Monday, hitting its lowest in 11 days, in a move analysts attributed to a wave of caution after the surging popularity of a Chinese artificial intelligence model sparked a selloff in Western AI-related stocks.

The world's biggest cryptocurrency struggled to make gains last week, as a rally that had seen it break above $100,000 after US President Donald Trump's election ran out of steam, Reuters reported.

At 1156 GMT, bitcoin was at $98,852.17, down around 6% on the day, having fallen sharply in early trading to hit its lowest since Jan. 16.

Technology stocks plunged, as traders worried that Chinese AI startup DeepSeek could threaten Western companies' dominance of the sector, in a move some called AI's "Sputnik moment", referring to the former Soviet Union's launch of a satellite that marked the start of the space race in the late 1950s.

Bitcoin's losses are "seemingly driven by some risk-off sentiment circulating the markets currently due to DeepSeek," wrote eToro analyst Simon Peters.

Geoffrey Kendrick, global head of digital asset research at Standard Chartered, said a decline in Nasdaq futures had hurt crypto markets, but that disappointment over the Trump administration's announcement about a cryptocurrency stockpile had put digital assets more at risk of a sharp selloff.

Crypto failed to feature in Trump's day-one announcements after taking office last week, leaving some investors disappointed. In an executive order on Thursday, Trump created a working group to draft new crypto rules and explore a crypto stockpile, while the Securities and Exchange Commission (SEC) spiked accounting guidance that the industry said had stymied crypto adoption.

The prospect of interest rates staying higher for longer also hurt riskier assets, said Thomas Puech, CEO of digital asset hedge fund Indigo.

US Federal Reserve policymakers meet this week and are expected to keep interest rates on hold.