The price of higher-grade unleaded petrol will rise to 0.90 riyals ($0.24) per litre from 0.60 riyals, a hike of 50 per cent, though it remained very low by global standards.
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Cougars meet Miami, seek first bowl victory since 2003
Be proactive – Use the “Flag as Inappropriate” link at the upper right corner of each comment to let us know of abusive posts . Miami is tied for fifth in the nation in turnover margin at plus-13, while Washington State is tied at No. 87 at minus-3….
Prices will also rise for other fuels including natural gas, diesel and kerosene and for heavily subsidised electricity and water, but details were not immediately available.
Civilians, Fighters Evacuate Syrian Towns under Rare Deal
Zabadani, northwest of the capital Damascus, was one of the rebels’ last strongholds along the border. Dozens of people gathered at the Masnaa crossing rushed the buses as ambulance sirens wailed.
Saudi Arabia said that oil revenues, which make up 77% of the total revenue figure for 2015, are down 23% compared to previous year. The original budget plan for 2015 projected spending of SR860 billion. Saudi Arabia has been leading a coalition against Shiite Houthi rebels in Yemen since March and is a member of the U.S.-led coalition battling the Islamic State group in Syria and Iraq.
Wolf to make announcement Tuesday about Republican-passed budget
Wolf said he got to a point where he did not want to “hold the children of Pennsylvania hostage” while the stalemate continues. In a move targeted to prevent schools from closing because of the protracted state budget impasse, Gov.
“The budget comes in light of lower oil prices and economic and financial challenges on regional and global levels…our economy, with the help of God, has what it takes to overcome the challenges”, King Salman said on state television, underlining the challenges facing the kingdom. Next year’s budget projects spending of 840 billion riyals, down from 975 billion riyals actually spent this year. The median estimate of 10 economists forecast a shortfall of 20 per cent of GDP this year, according to data compiled by Bloomberg.
This is the first budget announcement since King Salman’s ascension to the throne and is expected to reflect reforms he announced last week.
Saudi Arabia had a chance to limit production of oil on December 4, at a meeting of the Organisation of Petroleum Exporting Countries, a cartel of 13 nations (not including the US) that exists to stabilise oil prices.
The government ran a deficit of 367 billion riyals ($97.9 billion) or 15 percent of gross domestic product in 2015, officials said.
“Saudi Arabia has one of the lowest costs to produce oil in the world”.
Saudi Arabia spends a big chunk of its cash on doling out generous benefits for its citizens, including cheap fuel.
The finance ministry also plans to establish a unit responsible for public debt management, in order to improve the Kingdom’s ability to borrow both domestically and internationally, “thus contributing to the market for sukuk and local bonds”, said the statement released by the Ministry of Finance. A quarter of that will be allocated to military and security purposes.
The small non-oil parts of the economy will find themselves constrained by plans to cut public spending growth, preventing Saudi Arabia from rebalancing away from the commodity that until now has kept it wealthy.
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The International Monetary Fund has warned the Saudi government that continued spending would deplete those reserves within five years.
