Saudi Arabia decided Tuesday (December 12th) to hike energy prices while paying compensation to Saudi families, as the world's top oil exporter seeks new revenue sources, AFP reported.
The cabinet, in a session chaired by King Salman, approved plans to "reform" electricity and fuel charges, as part of measures to counter lower oil prices on the world market, the official news agency SPA reported.
In a first, the government also approved cash transfers to some 3.7 million Saudi families, covering 13 million of the country's 20-million population, to compensate them for the hike.
Expatriates working and living in the kingdom have been excluded from the cash transfer programme which will start next week.
The electricity authority has announced minor price increases from early next year.
The energy ministry said new prices for petrol, diesel and aviation fuel will be applied in the first quarter of 2018, but without giving details on the planned increases.
The hikes are the second wave of Saudi subsidy cuts.
