SAudi Arabia, the country to have the lowest Petrol Prices in the world, has shocked the world by hiking the price of Petroleum by 50%.
At present, one litre of petrol costs 0.60 Rials or $0.24. Despite being one of the largest oil-producing countries, why did Saudi hiked the price by 50% at one go? Well we heard that the Saudi government has been facing budget deficit for a long time so to cover up the budget deficit, the government took the measure of petrol hike.
The Saudi government announced the hike at the recent ministry meeting and said that the move was taken in keeping with the international energy price. As soon as the decision by the government was out, all the petrol stations in the country immediately closed and they are expected to open only next morning when the new petrol prices will be effective.
Along with petrol, diesel, kerosene, LPG, water and few other necessities are going to turn costly.
