Saudi Arabia is planning to increase gasoline prices by as much as 100% by the end of this year, part of an effort to phase out energy subsidies that weigh heavily on the state’s budget at a time of low oil prices. Gasoline with an octane rating of 95 will increase by 100% to 1.8 riyals per liter (48￠) from 0.9 riyals/liter currently, and octane-91 gasoline will increase by 80% to 1.35 riyals/liter, said two people familiar with the energy reforms.
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