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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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Riyadh to Host Saudi Rail Conference and Exhibition on November 20-21

The conference aligns with SAR's efforts to achieve the objectives of the National Transport and Logistics Strategy under Saudi Vision 2030 by attracting and localizing cutting-edge railway technologies. (Saudi Arabia Railways)
The conference aligns with SAR's efforts to achieve the objectives of the National Transport and Logistics Strategy under Saudi Vision 2030 by attracting and localizing cutting-edge railway technologies. (Saudi Arabia Railways)
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Riyadh to Host Saudi Rail Conference and Exhibition on November 20-21

The conference aligns with SAR's efforts to achieve the objectives of the National Transport and Logistics Strategy under Saudi Vision 2030 by attracting and localizing cutting-edge railway technologies. (Saudi Arabia Railways)
The conference aligns with SAR's efforts to achieve the objectives of the National Transport and Logistics Strategy under Saudi Vision 2030 by attracting and localizing cutting-edge railway technologies. (Saudi Arabia Railways)

Riyadh is slated to host the inaugural edition of the Saudi Rail Conference and Exhibition on November 20-21, under the patronage of Minister of Transport and Logistic Services and Chairman of Saudi Arabia Railways (SAR) Saleh Al-Jasser.

The event will highlight the advancements and innovations in the railway sector and gather insights from local and international perspectives.

Al-Jasser emphasized that the event aligns with the transformative developments taking place in the Kingdom's transportation and logistics sector, particularly in the railway industry, and highlighted the substantial support provided by Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, to the sector.

Al-Jasser underscored the pivotal role railways play in driving the Kingdom's economic and social development by facilitating the movement of people and goods, helping to boost trade and tourism, serving Hajj and Umrah pilgrims, and contributing to reducing emissions by decreasing the number of daily car and truck trips.

He reiterated the Kingdom's commitment to advancing railway infrastructure, enhancing rail network efficiency, and improving user services.

Several national railway projects are underway as part of the Kingdom's strategic vision to strengthen its position as a leading global logistics hub, he went on to say.

SAR CEO Dr. Bashar AlMalik said that by hosting this event, Saudi Arabia reinforces its leading position in the transport and logistics sector, and positions itself as a global hub for railway operators.

The conference, one of the largest events of its kind in the Middle East and North Africa region, will be attended by a large number of industry experts. Over 200 local and international speakers will engage in panel discussions focused on cutting-edge innovations and solutions in the railway sector.

It will feature more than 200 exhibitors, offering a crucial platform for networking and exchange of knowledge among key industry stakeholders.

The conference aligns with SAR's efforts to achieve the objectives of the National Transport and Logistics Strategy under Saudi Vision 2030 by attracting and localizing cutting-edge railway technologies, solidifying the Kingdom's position as a global logistics hub that collaborates with both domestic and international stakeholders.

SAR's network has expanded to include three intercity lines: the North Railway, the East Railway, and the Haramain High-Speed Railway, inaugurated by the Custodian of the Two Holy Mosques in 2018.

The network also encompasses key urban lines, including the Mashaer Train (serving pilgrims), the Riyadh Metro, the King Abdulaziz International Airport Railway in Jeddah, and the Princess Noura University Railway. In total, the railway network spans over 5,500 kilometers, demonstrating the Kingdom's commitment to building a comprehensive and interconnected transportation system.