Saudi Arabia Promotes Fair Trade with Mandatory ‘Metrological Verification’

Saudi Arabia promotes fair trade in establishment activity by verifying conformity with specifications and regulations (Asharq Al-Awsat)
Saudi Arabia promotes fair trade in establishment activity by verifying conformity with specifications and regulations (Asharq Al-Awsat)
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Saudi Arabia Promotes Fair Trade with Mandatory ‘Metrological Verification’

Saudi Arabia promotes fair trade in establishment activity by verifying conformity with specifications and regulations (Asharq Al-Awsat)
Saudi Arabia promotes fair trade in establishment activity by verifying conformity with specifications and regulations (Asharq Al-Awsat)

Gas stations, commercial stores, food and catering centers, and gold retailers in Saudi Arabia are now required to submit their metrological verification requests through the e-platform “Taqyees” to avoid violations, according to the Saudi Standards, Metrology and Quality Organization (SASO).

The move is aligned with a transformation plan that looks to elevate services and field inspections carried out by SASO agencies and ensure fair trade, revealed information obtained by Asharq Al-Awsat.

SASO informed the Saudi Investment and Commerce Ministry of the importance of implementing metrological checks on all relevant commercial institutions.

Metrological verification includes a field examination of measuring devices to ensure that they fit pre-approved models and that they work correctly and accurately according to regulations.

SASO, represented by the National Metrology Program (Taqyees), announced starting the process of qualifying the private sector to carry out metrological verification work, activating the role of legal calibration and control of measuring devices in the Kingdom.

With that being said, SASO called on private sector companies and institutions to cooperate in metrological checks on fuel pumps and non-automatic scales, apply controls for qualification verification and maintenance bodies, and issue a type approval certificate.

Entities wishing to obtain a qualification to conduct verification operations can access SASO’s website to view the technical regulations of the legal calibration system.

SASO stressed its keenness to consolidate the partnership with the private sector and work hard to provide a fair investment and commercial environment in the Kingdom.

Taqyees, a legal calibration program, is one of SASO’s initiatives within the National Transformation Program 2020.

The program aims to match legal measurement tools with standard specifications to ensure the validity of sold quantities by conducting technical tests and field verification for several measurement tools such as fuel pumps, water and electricity meters, and commercial scales.



Oil Trims Gains on Dollar Strength, Tight Supplies Provide Support

FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
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Oil Trims Gains on Dollar Strength, Tight Supplies Provide Support

FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo

Oil prices trimmed earlier gains on Wednesday as the dollar strengthened but continued to find support from a tightening of supplies from Russia and other OPEC members and a drop in US crude stocks.

Brent crude was up 21 cents, or 0.27%, at $77.26 a barrel at 1424 GMT. US West Texas Intermediate crude climbed 27 cents, or 0.36%, to $74.52.

Both benchmarks had risen more than 1% earlier in the session, but pared gains on a strengthening US dollar.

"Crude oil took a minor tumble in response to a strengthening dollar following news reports that Trump is considering declaring a national economic emergency to provide legal ground for universal tariffs," added Ole Hansen, analyst at Saxo Bank.

A stronger dollar makes oil more expensive for holders of other currencies.

"The drop (in oil prices) seems to be driven by a general shift in risk sentiment with European equity markets falling and the USD getting stronger," said UBS analyst Giovanni Staunovo.

Oil output from the Organization of the Petroleum Exporting Countries fell in December after two months of increases, a Reuters survey showed.

In Russia, oil output averaged 8.971 million barrels a day in December, below the country's target, Bloomberg reported citing the energy ministry.

US crude oil stocks fell last week while fuel inventories rose, market sources said, citing American Petroleum Institute figures on Tuesday.

Despite the unexpected draw in crude stocks, the significant rise in product inventories was putting those prices under pressure, PVM analyst Tamas Varga said.

Analysts expect oil prices to be on average down this year from 2024 due in part to production increases from non-OPEC countries.

"We are holding to our forecast for Brent crude to average $76/bbl in 2025, down from an average of $80/bbl in 2024," BMI, a division of Fitch Group, said in a client note.