It said Octane 91 will sell for 1.37 riyals a litre, up from 0.75 riyals, while Octane 95 will sell for 2.04 riyals a litre, up from 0.90 riyals. Diesel rates for trucks were left unchanged. The kingdom will slow plans to eliminate subsidies for a wide range of energy products, according to a new long-term fiscal plan in the 2018 state budget released last month.
King Salman formally announced on December 20 that the target date for eliminating the government's budget deficit would be pushed back to 2023 from the original target of 2020, in order to reduce pressure on economic growth. The Kingdom announced its broad reform initiative in 2016, saying it aimed to "enhance the level and quality of services" provided by government and "achieve a prosperous future and sustainable development."