Saudi Arabia on Monday sharply raised domestic fuel prices, according to the official Saudi press agency, shortly after the world’s top crude exporter said it plans to adjust subsidies for petroleum products, water and electricity over the next five years. The price for Octane 95 gasoline was raised to 0.90 Saudi riyals ($0.24) a litre from SAR0.60 a litre, a cabinet statement posted on SPA said. The price of Octane 91 gasoline was increased to SAR0.75 a litre from SAR0.45 a litre. Prices were also increased, effective Tuesday, for gas, diesel, kerosene and other utilities, such as water and electricity, a Saudi official said, calling the fuel increases “significant” as the kingdom copes with cheap oil. Earlier Monday, the finance ministry said in its budget document that any changes to the current prices are aimed at achieving efficient use of energy and conserving natural resources, and would also be […]