Sudan Sees Hike in Diesel, Petrol Prices

People gather to get fuel at a petrol station in Khartoum, Sudan November 4, 2016. REUTERS/Mohamed Nureldin Abdallah
People gather to get fuel at a petrol station in Khartoum, Sudan November 4, 2016. REUTERS/Mohamed Nureldin Abdallah
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Sudan Sees Hike in Diesel, Petrol Prices

People gather to get fuel at a petrol station in Khartoum, Sudan November 4, 2016. REUTERS/Mohamed Nureldin Abdallah
People gather to get fuel at a petrol station in Khartoum, Sudan November 4, 2016. REUTERS/Mohamed Nureldin Abdallah

Petrol and diesel prices in Sudan rose sharply on Friday following fuel subsidy reforms, which are part of a series of economic measures that have helped set the country on course for substantial debt relief.

Petrol prices rose by about 23% and diesel prices increased by more than 8% at fueling stations, a Reuters witness said.

The price of petrol at several stations in the capital Khartoum had risen to 150 Sudanese pounds ($0.4) from 122 pounds per litre, while the price of diesel had risen to 125 pounds from 115 pounds.

Sudan’s transitional government has gradually phased out most fuel subsidies amid widespread shortages.

In Khartoum, there are long queues for diesel, though the number of people waiting to buy petrol has eased in recent days. In many areas outside Khartoum shortages are still severe.

Sudan has been in economic crisis since before the overthrow of autocrat Omar al-Bashir in 2019, leading to a lack of supplies of basic goods including fuel, bread and medicines.

In February, the central bank sharply devalued the currency, in a move that unlocked foreign aid and opened the way for billions of dollars in debt relief.



$266 Mln Deal Boosts Liquidity in Saudi Housing Market

One of the projects under the Sakani program in Saudi Arabia (Asharq Al-Awsat)
One of the projects under the Sakani program in Saudi Arabia (Asharq Al-Awsat)
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$266 Mln Deal Boosts Liquidity in Saudi Housing Market

One of the projects under the Sakani program in Saudi Arabia (Asharq Al-Awsat)
One of the projects under the Sakani program in Saudi Arabia (Asharq Al-Awsat)

The Saudi Real Estate Refinance Company (SRC), owned by the Public Investment Fund, has signed a SAR 1 billion ($266.7 million) agreement with Bidaya Finance to buy a mortgage portfolio.
The deal is the largest of its kind, aimed at injecting liquidity into Saudi Arabia’s housing market.
The agreement, signed on Sunday, was attended by Housing Minister Majed Al-Hogail, who also chairs SRC, and Abdulaziz Al-Omair, Chairman of Bidaya Finance.
This move supports SRC’s efforts to grow the mortgage market and expand refinancing options, aligning with Vision 2030’s goal of increasing homeownership among Saudi citizens.
SRC CEO Majeed Al Abduljabbar said the deal will boost liquidity and stabilize the housing finance market, helping more Saudis own homes. He added that it builds on SRC’s plan to partner with key lenders and develop a strong secondary mortgage market.
“This agreement is a pivotal step toward achieving the strategic objectives of the Housing Program by increasing homeownership among citizens,” Abduljabbar noted.
“It also aligns with our strategy to forge strategic partnerships with leading financing institutions, fostering the development of an active secondary market for residential mortgages,” he added.
Bidaya Finance CEO Mahmoud Dahduli called the agreement a step forward in offering innovative financing solutions, enabling more citizens to achieve their housing goals and contributing to Vision 2030’s housing targets.
“This strategic collaboration with SRC reinforces our shared role in offering reliable, innovative financing solutions that empower citizens to realize their housing aspirations, aligning with the Housing Program’s goal of increasing homeownership,” Dahduli said.
Established in 2017 by the Public Investment Fund, SRC aims to make home financing more accessible by providing liquidity to lenders and supporting Saudi Arabia’s housing sector under the national transformation plan, Vision 2030.