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Saudi Aramco Revises Fuel Prices in Kingdom

A man walks at a petrol station in Riyadh, Saudi Arabia October 8, 2017. (Reuters)
A man walks at a petrol station in Riyadh, Saudi Arabia October 8, 2017. (Reuters)
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Saudi Aramco Revises Fuel Prices in Kingdom

A man walks at a petrol station in Riyadh, Saudi Arabia October 8, 2017. (Reuters)
A man walks at a petrol station in Riyadh, Saudi Arabia October 8, 2017. (Reuters)

Saudi Arabia raised the local price for Octane 95 gasoline to 2.10 Riyals from 2.02 Riyals last quarter and Octane 91 to 1.44 Riyals from 1.37 Riyals per liter, state oil firm Saudi Aramco said on Saturday.

The change goes into effect on April 14, the company said in a statement, adding that domestic gasoline prices go up or down according to changes in export prices from Saudi Arabia to global markets.

Saudi Aramco reported that domestic gasoline prices are subject to change, rising and falling due to changes in export prices from the Kingdom to global markets.

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Saudi Finance Minister: Int’l Institutions Need Unified Standards for Measuring National Income  

Saudi Minister of Finance Mohammed Al-Jadaan during a panel discussion at Davos. (Davos) 
Saudi Minister of Finance Mohammed Al-Jadaan during a panel discussion at Davos. (Davos) 
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Saudi Finance Minister: Int’l Institutions Need Unified Standards for Measuring National Income  

Saudi Minister of Finance Mohammed Al-Jadaan during a panel discussion at Davos. (Davos) 
Saudi Minister of Finance Mohammed Al-Jadaan during a panel discussion at Davos. (Davos) 

Saudi Minister of Finance Mohammed Al-Jadaan has called for the development of methods to measure gross national income (GNI) that better reflect the true realities of economies, especially in emerging countries.

During a panel discussion at the World Economic Forum in Davos, titled “New Approaches to Measuring GDP Growth,” Al-Jadaan emphasized the need for international institutions to adopt unified and robust standards for measuring national income.

He noted that achieving this objective requires designing collaborative programs with various countries to enhance data accuracy and analyze it in a more comprehensive manner.

The minister pointed out that traditional methods for measuring GDP might no longer suffice in the current global context, urging the adoption of new tools and standards capable of measuring economic growth in line with the rapid global changes.

Al-Jadaan stressed that improving measurement mechanisms would boost the efficiency of international institutions in providing support and advice, foster sustainable development in emerging economies, and contribute to achieving economic equity on a global scale.