Saudi cabinet increases oil prices and service tariffs
Xinhua, December 29, 2015 Adjust font size:
The Saudi cabinet announced Monday the increase in oil prices starting from Tuesday, plus added tariffs on electricity, water and sanitation services, reported the Saudi Press Agency.
The sudden decision was taken after the country approved the 2016 state budget with 86 billion U.S. dollars in deficit.
According to the Finance Minister, the budget incorporates economic growth by keeping expenditure at 223.9 billion dollars and revenue at 136.953 billion.
In addition to raising oil prices and service tariffs, the cabinet issued various decrees to regulate travel expenses of government officials. Endit