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Al-Falih: Gasoline in Saudi Arabia is Among the Cheapest in the World despite Price Hike

A man walks at a petrol station in Riyadh, Saudi Arabia October 8, 2017. REUTERS/Faisal Al Nasser
A man walks at a petrol station in Riyadh, Saudi Arabia October 8, 2017. REUTERS/Faisal Al Nasser
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Al-Falih: Gasoline in Saudi Arabia is Among the Cheapest in the World despite Price Hike

A man walks at a petrol station in Riyadh, Saudi Arabia October 8, 2017. REUTERS/Faisal Al Nasser
A man walks at a petrol station in Riyadh, Saudi Arabia October 8, 2017. REUTERS/Faisal Al Nasser

Saudi Energy and Industry Minister Khaled Al-Falih said that the price of gasoline in the kingdom was still one of the cheapest in the world despite the recent price hike, noting that it was lower than in other Gulf countries such as the UAE and Oman.

In a television interview with Saudi Arabia’s Channel One, the minister said that the price of gasoline in the kingdom was also low compared to the rest of the oil-producing countries such as the United States, where prices are twice of those in the Kingdom.

“The global average in general is more than double the prices in Saudi Arabia after the reform,” he added.

Moreover, the price of gasoline in Norway, one of the largest oil producers in Europe, exceeds by three times the price in the Kingdom, because of the high taxes imposed by the country on fuel, according to Al-Falih.

Figures from the Organization of the Petroleum Exporting Countries (OPEC) show that most of the world’s gasoline prices are high because of taxes. The US tax on gasoline reached about 24 percent in 2016, as OPEC stated in its latest statistics on the price of gasoline globally.

“Work is underway to raise the price of gasoline gradually to reach the world price by the end of the period of financial reform adopted by the State,” the minister said, adding that gasoline prices in the future would not be fixed and would depend on the global price fluctuations.

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Saudi's flynas Strikes Deal for Additional Airbus A320neos, 15 A330s

Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
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Saudi's flynas Strikes Deal for Additional Airbus A320neos, 15 A330s

Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)

flynas, Saudi Arabia’s leading low-cost carrier, has signed a Memorandum of Understanding (MoU) with Airbus for 75 A320neo family aircraft and 15 A330-900. This strategic agreement will expand the airline's capacity, range and enhance its overall fleet capabilities.
Signed during Farnborough International Airshow in the presence of President of the General Authority of Civil Aviation (GACA) of Saudi Arabia, Abdulaziz bin Abdullah Al-Duailej, Chairman of the Board of NAS Holding Ayed Al Jeaid, flynas Chief Executive Officer & Managing Director Bandar Almohanna, and Airbus Chief Executive Officer, Commercial Aircraft, Christian Scherer, Airbus said on its website.
The new aircraft will join the carrier’s all Airbus fleet serving international, domestic and regional routes. The new A330-900 aircraft will boast a two-class configuration, accommodating up to 400 passengers.
"We are excited to further strengthen our long-standing partnership with Airbus," said Bander Almohanna, CEO and Managing Director of flynas. "The A320neo Family provides exceptional operational performance and environmental benefits, allowing us to offer unique, low-cost travel experiences. Additionally, the A330neowill enhance our long-haul capabilities with its advanced technology and efficiency while supporting our growth plans and Saudi Arabia’s pilgrim program."
Airbus Chief Executive Officer, Commercial Aircraft, Christian Scherer said, "We are delighted to expand our partnership with flynas through this significant milestone for both A320neo and A330-900 aircraft. The A330neo will allow flynas to further grow into widebody markets by building on the A320, benefiting from Airbus’ unique commonality. Both aircraft types offer flynas the perfect versatility and economics to expand into new markets while offering their passengers the latest cabin experience and comfort. We look forward to continuing our successful collaboration with flynas as they embark on this exciting new chapter."
The addition of the A330-900 aircraft will support flynas' ambitious growth plans. The airline anticipates significant operational efficiency gains by combining the new widebody aircraft with its existing A320neo fleet. The A330-900 offers increased capacity and range at unrivaled seat costs, ensuring flynas can compete effectively in the growing regional market, a key focus area for the airline.
The A330neo delivers unbeatable operating economics, powered by the latest-generation Rolls-Royce Trent 7000 engines, featuring new wings and a range of aerodynamic innovations resulting in a 25 percent reduction in fuel consumption and CO₂ emissions compared to previous generation competitor aircraft. The A330neo is capable of flying 8,150 nm / 15,094 km non-stop, providing ultimate comfort with more passenger space, a new lighting system, latest in-flight entertainment systems and full connectivity throughout the cabin.
As with all Airbus aircraft, the A330 family is already able to operate with up to 50% Sustainable Aviation Fuel (SAF). The manufacturer is targeting to have its aircraft up to 100% SAF capable by 2030.