Riyadh: The famous oil wealthy land in world named Saudi Arabia increased the prices of all petroleum products in whole country.
According to a new report, Saudi Ministry of Finance took some new steps only for the development of economy and reputation of currency in world. In this week, authorities increased the prices of all petroleum things but these prices also still lowest, compared with all other gulf countries.
Saudi Arabia takes lot of natural oil, and exported too many countries like Pakistan, Afghanistan, Bangladesh, India and other Asian countries on little prices. But compared with all other gulf countries the prices of oil is lowest degree in Saudi.
Last day, a major meeting held in presence of Salman Bin Abdul-Aziz in which Saudi King gave final permission about rise in oil prices. In result of that, prices of all other products like water, Electric power and Kerosene oil will increase in start of next year.
Saudi authorities told in media now, the prices of advance type of petrol increased from 0.60 per barrel to 0.90 and other kind of lower quality petrol’s price increased from 0.45 Riyal to 0.75 per barrel.
The Royal Government wants to get more strong economy and price stability of all useful goods which used in routine life. The Ministry of Finance said that little increase in petroleum prices can give much positive feedback.
The best thing is that last day in Saudi Arabia, final budget almost worth 840 billion riyal of 2016 presented in front of authorities in whom lot of deficit showed because during this year oil department does not take lot of profit from local and international market.
Pakistan and other developing countries also import lot of oil from Saudi Arabia on rare prices.