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Saudi Arabia Sets Price Cap on Gasoline Prices in July

The royal directive aims to support citizens by setting price cap (Asharq Al-Awsat)
The royal directive aims to support citizens by setting price cap (Asharq Al-Awsat)
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Saudi Arabia Sets Price Cap on Gasoline Prices in July

The royal directive aims to support citizens by setting price cap (Asharq Al-Awsat)
The royal directive aims to support citizens by setting price cap (Asharq Al-Awsat)

Saudi Arabia set a ceiling on gasoline prices, the most widely used fuel to supply vehicles in the Kingdom.

The royal directive stipulates that the state should shoulder any increase over June pricing during the monthly periodical revision of the pricing.

The Executive Committee for Governance of Amending Energy and Water Products' Prices has announced the issuance of a royal directive, setting the prices in June 2021 for gasoline (Octane 91/SR2.18) and gasoline (Octane 95/SR2.33), noting they shall remain as the local ceiling price for gasoline, as of July 10, 2021.

The gasoline price for July 2021 that witnessed an increase (Octane 91/SR2.28) a liter and (Octane 95/SR2.44) a liter will fall under the approved pricing ceiling. However, the periodic revision of pricing shall remain, noting that it shall not exceed the ceiling, reported Saudi Press Agency (SPA).

"This emanates from the keenness of the leadership on mitigating the burdens of the livelihood of citizens as well as residents, and its ongoing seeking to realize the public interest and to reinforce the local economic activity," according to the official statement.

Saudi Aramco, the largest oil exporter in the world, conducts a periodic monthly review of gasoline prices in the local market to reduce the consumer's vulnerability to fluctuations in export prices.

Saudis welcomed the royal directive, and many commented on social media that despite the dire economic conditions in the world, the Saudi leadership supported its citizens.

They asserted the country's leadership always considers the needs of its people and takes measures that can help mitigate any difficult economic conditions.

Also, on social media, Saudi citizens and residents discussed the directive quoting "gasoline price subsidy" on various sites, praising the state decision.

Saudi Arabia wants to develop the infrastructure for fuel supply services in the Kingdom, led by Aramco.

Aramco has succeeded in developing its service stations sector and enhanced its access to retail customers in Saudi Arabia, following its entry into a 50:50 joint venture with Total, based on operating service stations within the Kingdom.

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BRICS Leaders Call for Urgent Action on Land Degradation Ahead of UNCCD COP16 in Riyadh

BRICS leaders call for increased financial resources and stronger partnerships to address land degradation, desertification, and drought. (SPA)
BRICS leaders call for increased financial resources and stronger partnerships to address land degradation, desertification, and drought. (SPA)
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BRICS Leaders Call for Urgent Action on Land Degradation Ahead of UNCCD COP16 in Riyadh

BRICS leaders call for increased financial resources and stronger partnerships to address land degradation, desertification, and drought. (SPA)
BRICS leaders call for increased financial resources and stronger partnerships to address land degradation, desertification, and drought. (SPA)

BRICS leaders called for increased financial resources and stronger partnerships to address land degradation, desertification, and drought ahead of a major UN environment conference in Saudi Arabia in December.

In a joint statement, the leaders of Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates emphasized that these environmental challenges "are posing serious threats to the well-being and livelihoods of people and the environment."

While acknowledging ongoing efforts in sustainable land management, they stressed the need for "integrated policies" to tackle these interconnected issues.

The statement comes as Saudi Arabia prepares to host the 16th session of the United Nations Convention to Combat Desertification (UNCCD COP16) in Riyadh from December 2 to 13, amid growing global concern over land degradation that already affects 40% of the planet and impacts 3.2 billion people, according to UNCCD data.

"Saudi Arabia welcomes the BRICS leaders' statement on the critical issue of land degradation as it reflects the increasing urgency to slow and ultimately reverse the trend of degrading land worldwide," said Dr. Osama Faqeeha, deputy minister for environment at Saudi Arabia's Ministry of Environment, Water and Agriculture and advisor to the COP16 Presidency.

He added: "At COP16 in Riyadh, we will work to forge new partnerships that can accelerate land restoration and drought resilience efforts, particularly in vulnerable regions. Land degradation, drought, and desertification impact almost every corner of the planet, exacerbating forced migration and worsening global food and water insecurity. It is imperative that the international community addresses the root causes of these issues at the UNCCD COP16 in Riyadh."

The conference is expected to be the largest UNCCD COP to date and will feature the first-ever Green Zone, creating a dedicated platform for collaboration and innovation, aiming to increase the role of the private sector in land restoration.

It comes as the UNCCD targets the restoration of 1.5 billion hectares of degraded land by 2030. According to the UNCCD, every dollar invested in land restoration can yield up to $30 in economic returns.