Saudi Arabia, raising the price of oil more than 50%

Maria d Saudi Arabia said on Monday it had raised gasoline prices by more than 50 percent for some products From Tuesday as it cut some subsidies after suffering the biggest budget deficit.

Prices will also increase for electricity, water, diesel and kerosene under the reduced subsidies decided by the Council led by Salman. According to the official SPA news agency.

Council of Ministers of Saudi Arabia has decided to increase the price of lead-free gasoline from 0.60 yuan high quality 0.90 yuan HIV AIDS (US $ 0.24 US) per liter, up 50 percent, and for low-quality gasoline from 0.45 to 0.75 yuan Evans (US $ 0.20 US) rose 67 percent.

The price of gasoline in the country is the cheapest in the Persian Gulf region and a number of other countries among the countries that Low oil prices in the world.

Saudi Arabia's national oil company Aramco, said on Twitter that it was an immediate shut down petrol stations until midnight On Monday, when the company began selling in the new value.

Council said that the price hike is in line with international oil prices.

Prices also rose for other fuels, including natural gas, diesel oil, electricity and water subsidies, but the details can not Available immediately.

Saudi Arabia is following the footsteps of neighboring United Arab Emirates became the first Gulf nation to do liberalized oil prices earlier this year.

Kuwait canceled subsidies on diesel and kerosene in early 2015 and plans to cut another at the beginning of next year, particularly the price of electricity and gasoline. A separate state in the Persian Gulf bars other students are considering similar measures.

The International Monetary Fund (IMF) has estimated that direct spending on fuel subsidies in various states in the Gulf amounted to 69 billion US dollars. If indirect costs, such as environmental costs and the costs of road traffic are included, the cost up to 175 billion US dollars. BP