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.



Euro 2024 Tourism to Bring 1$ Billion to Germany, Study Shows 

The words "Welcome to Berlin" can be read shortly before sunrise on a display in the fan zone (Platz der Republik) against the backdrop of the Reichstag and the TV tower in Berlin on Friday, June 14, 2024. (dpa/AP)
The words "Welcome to Berlin" can be read shortly before sunrise on a display in the fan zone (Platz der Republik) against the backdrop of the Reichstag and the TV tower in Berlin on Friday, June 14, 2024. (dpa/AP)
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Euro 2024 Tourism to Bring 1$ Billion to Germany, Study Shows 

The words "Welcome to Berlin" can be read shortly before sunrise on a display in the fan zone (Platz der Republik) against the backdrop of the Reichstag and the TV tower in Berlin on Friday, June 14, 2024. (dpa/AP)
The words "Welcome to Berlin" can be read shortly before sunrise on a display in the fan zone (Platz der Republik) against the backdrop of the Reichstag and the TV tower in Berlin on Friday, June 14, 2024. (dpa/AP)

Germany, the host of Euro 2024, can expect a 1 billion euro ($1.07 billion) boost to its economy thanks to foreign tourists traveling to the country for the soccer games, the ifo institute forecasts.

This corresponds to about 0.1% of economic output in the second quarter of the year, with Germany´s hospitality and food retail sectors set to benefit the most from the games, the country's top economic research institute said.

"However, the effect is only short-lived, so that exports of services due to returning tourists are likely to fall again after the end of the European Championship in the third quarter and remain the same on balance," ifo researcher Gerome Wolf said.

More than an additional 600,000 foreign tourists and 1.5 million additional overnight stays are expected during the Championship, according to the institute's calculations based on the numbers from the FIFA World Cup hosted by Germany in 2006.

The German Economy Ministry also expects a temporary upturn in consumer-facing sectors after very subdued retail sales this year, but not to the same extent as during the 2006 World Cup.

Experts agree that the overall effect of the Euro 2024 on Europe’s largest economy also depends on how the German national team performs in the tournament.

Their match against Scotland will kick off the tournament on Friday evening.