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Saudi Arabia Introduces Self-Service Gas Sales, Involving Private Sector

Self-service vending machine (Asharq Al-Awsat)
Self-service vending machine (Asharq Al-Awsat)
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Saudi Arabia Introduces Self-Service Gas Sales, Involving Private Sector

Self-service vending machine (Asharq Al-Awsat)
Self-service vending machine (Asharq Al-Awsat)

The Saudi Ministry of Energy announced that it has issued the first license in the Kingdom for selling liquefied petroleum gas (LPG-cooking gas) cylinders through vending machines.

Last May, the Saudi Cabinet approved amendments to the system governing the distribution of natural gas and LPG for residential and commercial purposes.

Vending machines for LPG cylinders will be available at gas stations and large retail markets. The machines will provide consumers with all LPG-related services around the clock, and these include purchasing new gas cylinders, replacing empty cylinders with new ones, and purchasing cylinder accessories such as regulators and others.

These machines are designed to be linked with smart phone applications, to serve consumers in a better and easier way. This is part of the ministry’s efforts to realize the goals of its dry gas and LPG distribution system for residential and commercial purposes.

According to the ministry, the move to license smart pick-up stations for gas cylinders comes as an important part of the ministry’s endeavors towards opening up competition and abolishing monopoly in the LPG sales sector. It also coincides with the ministry’s endeavor to encourage investment in LPG sales activities.

The ministry started receiving qualification requests from companies that wish to invest in the activities of transporting LPG from its sources to filling and storage facilities, as well as in the establishment and operation of filling stations and storage facilities, in addition to the wholesale distribution of LPG.

This is aimed to enhance the role of the Ministry of Energy in supporting opportunities for growth and economic development in the Kingdom in pursuit of the goals of the Saudi Vision 2030.

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Saudi Arabia's Liquidity Hits All-Time High of SAR2.825 Trillion

Saudi Arabia's Liquidity Hits All-Time High of SAR2.825 Trillion
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Saudi Arabia's Liquidity Hits All-Time High of SAR2.825 Trillion

Saudi Arabia's Liquidity Hits All-Time High of SAR2.825 Trillion

Saudi Arabia's liquidity levels continued to grow strongly, reaching SAR2,825,715 million at the end of May 2024, marking an annual growth of approximately 8.6%, reported the Saudi Press Agency on Sunday.

This represented an increase of more than SAR222,928 billion compared to the same period in 2023, which stood at SAR2,602,786 million. These levels reflect the broad money supply (M3) as reported in the Saudi Central Bank (SAMA)'s monthly statistical bulletin for May 2024.

Since the beginning of the year, liquidity has grown by 4%, representing an increase of more than SAR104,757 billion. At the end of January, it stood at SAR2,720,957 million.

Liquidity levels also achieved a monthly growth of approximately 1.2%, with an increase of about SAR32,402 billion compared to the end of April of the same year when it stood at SAR2,793,313 million.

These liquidity levels strongly support economic and commercial activity, contributing effectively to the economic development process and enabling the achievement of the goals of Saudi Vision 2030. This reflects the strength and solidity of the banking and financial sector.

A breakdown of the four components of the broad money supply (M3) is as follows: Demand deposits, the largest contributor to the total money supply (M3) at 49.2%, recorded a level of SAR1,390,893 million at the end of May 2024.

Time and savings deposits, the second-largest contributor to the total money supply (M3) at 31.5%, recorded a level of SAR889,558 million.

Other quasi-money deposits amounted to SAR314,807 million, representing a contribution of approximately 11.1% to the total money supply (M3), making it the third-largest contributor. Lastly, "currency in circulation outside banks" amounted to SAR230,456 million, contributing approximately 8.2% to the total money supply (M3).

Quasi-money deposits consist of residents' deposits in foreign currencies, deposits against letters of credit, outstanding transfers, and repurchase agreements (repos) conducted by banks with the private sector.

Domestic liquidity includes M1, which comprises currency in circulation outside banks in addition to demand deposits only, and M2, which includes M1 plus time and savings deposits. The broad definition, M3, includes M2 plus other quasi-money deposits.