Saudi cuts domestic price for Octane 95 by 0.02 riyal

RIYADH: Saudi Arabia is cutting the local price for Octane 95 gasoline to 2.02 riyal per litre from 2.04 last quarter and leaving the price for Octane 91 unchanged, state oil giant Saudi Aramco said on Friday.

The change goes into effect on January 12, the company said in a statement, adding that domestic gasoline prices go up or down according to changes in export prices from Saudi Arabia to global markets.

Riyadh roughly doubled domestic prices a year ago in an effort to boost energy efficiency, part of ambitious economic reforms aimed at weaning the world's top crude exporter away from oil.