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Fuel prices: Saudi Arabia reportedly planning to hike gas prices by 80%

Fuel prices: Saudi Arabia reportedly planning to hike gas prices by 80%

Saudi Arabia plans to raise gas and jet fuel prices in January, a person with knowledge of the plans told Bloomberg.

LONDON — Saudi Arabia plans to raise petrol and jet fuel prices in January in an effort to reduce energy subsidies and bolster state finances, according to a report by Bloomberg.

Petrol prices are set to jump by about 80% while jet fuel prices will be raised to international levels, a person with knowledge of the matter told Bloomberg.

Fuel prices, excluding jet fuel, are not expected to rise to international levels until 2023 at the earliest.

As part of the Kingdom's plan to bolster its finances, state oil giant Saudi Aramco is expected to float next year.

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