Saudi Arabia Is Reviewing Its Plan for Energy Subsidy Cuts - Bloomberg:
Saudi Arabia is reviewing its plan to cut domestic energy subsidies as it tries to balance its budget without hurting businesses that have relied on cheap power for a competitive edge.
“We have been asked by the government to re-study what would be the best pricing policy that we would adopt going forward,” Industry Minister Bandar Alkhorayef said in an interview with Bloomberg TV on Tuesday in Riyadh. The Energy Ministry, which is leading the project, aims to “strike the balance between how we can enable the industry and at the same time also be competitive.”
The world’s largest oil exporter has been gradually implementing energy subsidy cuts over the past few years, sending up the prices of electricity, gasoline and other fuels sold in the domestic market. The cuts are a key part of Crown Prince Mohammed bin Salman’s economic transformation plan, and officials say they’ve improved the government’s fiscal position and reduced domestic energy consumption.
No comments:
Post a Comment