December 28, 2015 / 2:59 PM / 4 years ago

Saudi Arabia raises domestic energy prices - SPA

DUBAI (Reuters) - Saudi Arabia has raised domestic energy prices, including fuel prices, state news agency SPA said on its Twitter account on Monday.

Domestic fuel, water and electricity prices are currently among the lowest in the world because of heavy state subsides.

Raising the prices would reduce pressure on the state budget and would be one of Saudi Arabia’s biggest economic reforms in many years.

The world’s largest oil exporter has set the price of 95 octane gasoline at 0.90 riyals ($0.24) per litre, SPA said, up from the current price of 0.60 riyals per litre.

The kingdom has also raised prices for gas, diesel and kerosene, according to SPA.

The price increases would take effect from Tuesday, the report added.

Reporting by Rania El Gamal; Editing by David French

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