Saudi Arabia’s Aramco raises domestic petrol prices

Saudi giant, Aramco,  has raised its domestic gasoline prices for August, state TV reported yesterday.

In July, the state-owned company increased the price of the 91 octane gasoline grade from 1.29  ($0.34) to 1.43 riyals ($0.38) per litre and the price of the 95 octane grade from 1.44 riyals ($0.38) to 1.60 riyals ($0.43) per litre.

The move comes following Aramco’s recent announcement of a 73.4 per cent drop in its net profits for the second quarter of the financial year. It has said that the decline was incurred as a result of the coronavirus crisis.

Aramco, the largest oil company in the world, said on Sunday that its profits had dropped to 24.62 billion Saudi riyals (about $6.6 billion) in the second quarter of the current financial year, compared to 92.59 billion riyals ($24.6 billion) during the same period last year.

READ: Saudi Arabia ends loan and oil supply to Pakistan over its criticism of OIC on Kashmir