RIYADH (AFX) - Saudi King Abdullah ordered petrol prices in the oil-rich kingdom slashed by more than 30 pct, according to a copy of the decree carried by the official SPA news agency.
'In order to improve the living standards of citizens and for the public good, we have ordered that the price of one litre of petrol for the consumer be changed to 0.60 riyals (17 cents) instead of 0.90 riyals (24 cents) until 10/12/1427,' the decree said, referring to the last month of the Muslim lunar calendar which would coincide with next January.
The move came as Western consumers of the world's leading oil producer and exporter were facing sharply increased prices at the pumps amid record high crude prices. newsdesk@afxnews.com afp/bam COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited