• 4 minutes China 2019 - Orwell was 35 years out
  • 7 minutes Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 11 minutes Trump will capitulate on the trade war
  • 14 minutes Glory to Hong Kong
  • 2 hours China's Blueprint For Global Power
  • 4 hours Yesterday Angela Merkel stopped Trump technology war on China – the moral of the story is do not eavesdrop on ladies with high ethical standards
  • 2 hours IMO 2020:
  • 45 mins Here's your favourite girl, Tom!
  • 14 mins Brexit agreement
  • 18 hours The Problem Is The Economy, Not The Climate
  • 19 hours Idiotic Environmental Predictions
  • 12 hours The Ultimate Heresy: Technology Can't Fix What's Broken
  • 12 mins Australian Hydroelectric Plant Cost Overruns
  • 2 days World Stocks Drop And Futures Tread Water After China Reports Worst GDP Growth In 30 Years
  • 2 days Deepwater GOM Project Claims Industry First
  • 1 day NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Saudi Welfare Program To Ease Impact Of 80% Fuel Price Hike

Saudi Arabia on Thursday made the first payment totaling US$533 million (2 billion riyals) as part of its new household allowance program that reaches 10.6 million beneficiaries, before it starts raising food and gasoline prices.

Known as the Citizens Account, the allowance scheme is a national cash transfer program that was first announced by the Government in December 2016 and opened for registrations in February 2017, according to the official Saudi Press Agency (SPA).

The allowance is aimed at easing the direct and indirect impact of the gasoline and electricity price hikes, and the VAT increase on food and beverages.

Saudi Arabia made bank transfers on Thursday to around 3 million households, for a total of 10.6 million beneficiaries, according to Saudi Minister of Labor and Social Development, Ali al-Ghafees. Some 20 percent of the applicants did not qualify to get allowances.

Last week, officials at the Saudi labor ministry said that around 3.7 million households signed up for the program, representing about 13 million total beneficiaries, but that not all would be qualified to receive allowances.

As part of its plan to gradually eliminate fuel subsidies, Saudi Arabia is said to be planning to raise domestic gasoline prices by 80 percent in January, and make them level with international prices until 2023 or possibly 2025.

The new welfare payments were made just days after Saudi Arabia announced more spending in its 2018 budget.

In the budget, the Saudis expect oil revenues to rise in 2018 compared to 2017, but they will still run a budget deficit next year. In 2018, Saudi Arabia expects its budget deficit to be 7.3 percent of GDP, compared to this year’s budget gap of 8.9 percent of GDP, and to 12.8 percent of GDP in 2016. Amid aggressive spending, Saudi Arabia is delaying its target to reach a balanced budget to 2023 from the initial target of as early as 2019.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage



Leave a comment
  • Citizen Oil on December 22 2017 said:
    I was all for Mohammed Bin Salman and his austerity measures until I found out he bought a $ 300 million mansion in the UK and the $ 450 million Da Vinci. I'm sure theres a lot more stupid purchases the Saudi public doesn't know about. This all the while he's seizing the assets of the other princes. Somehow I think thats not going to end well.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play