Posts From King World News

Saudi studies hiking domestic energy prices: Naimi

Saudi Arabia is considering raising its heavily subsidised domestic energy prices, the oil minister said Tuesday, as the kingdom confronts a record budget deficit caused by falling oil revenues. “All prices eventually rise,” Ali al-Naimi said on the sidelines of a mining conference. Fuel consumption in Saudi Arabia has risen nine-fold since 1971, making the country one of the largest consumers per capita in the world, according to one study.