RIYADH: Starting January 1, 2025, Saudi Aramco has raised the price of diesel in Saudi Arabia to SR1.66 ($0.44) per liter. This marks a significant 44.3 percent increase from the beginning of 2024.
The company has kept gasoline prices stable, with Gasoline 91 at SR2.18 per liter and Gasoline 93 at SR2.33 per liter, according to an update on Aramco’s website.
This diesel price change is part of Aramco’s annual pricing review, a process started in 2022. This year marks the fourth review under the new system. In January 2024, the Kingdom raised diesel prices from SR0.75 to SR1.15 per liter.
Despite the hike, Saudi diesel prices are still lower than in many neighboring Arab countries. In the UAE and Qatar, diesel costs $0.73 and $0.56 per liter, respectively. Meanwhile, in Bahrain and Kuwait, prices are $0.42 and $0.39 per liter.
Aramco also lists current prices for other products, including kerosene at SR1.33 per liter and LPG at SR1.04 per liter.
In other updates, Aramco announced price cuts for propane and butane. Effective January 2025, the price of propane will drop by $10 per ton, while butane will decrease by $15 per ton.
Aramco’s official selling prices (OSPs) for LPG serve as key benchmarks for Middle East contracts supplying the Asia-Pacific region.
Additionally, Aramco reduced the price of its Arab Light crude oil for Asian buyers. The OSP for Arab Light was lowered by 80 cents, now priced at $0.90 per barrel above the regional benchmark. Prices for Arab Extra Light and Super Light grades were reduced by 60 and 70 cents per barrel, respectively. Arab Medium and Heavy grades saw cuts of 70 cents per barrel.
These adjustments reflect Aramco’s efforts to adjust its pricing strategy in response to market conditions while continuing its broader energy goals.
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