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Saudi's Falih says domestic energy price reform to continue from 2017
December 22, 2016 / 3:53 PM / 9 months ago

Saudi's Falih says domestic energy price reform to continue from 2017

Saudi Arabia's Energy Minister Khalid al-Falih addresses a news conference after a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, December 10, 2016. REUTERS/Heinz-Peter Bader

RIYADH (Reuters) - Saudi Arabia’s energy minister Khalid al-Falih said on Thursday that the kingdom would continue its policy of reforming domestic energy prices from 2017 until 2020, and prices would gradually be linked to international benchmarks.

Needy Saudi citizens who are affected by higher energy prices will be assisted through monthly cash deposits, Falih said at a 2017 budget news conference.

The ministry will work closely and in consultation with the private sector and all industries to explain the steps taken to increase energy prices, he added without giving details or a timeframe for any further price changes.

Reporting by Reem Shamseddine and Marwa Rashad; Writing by Rania El Gamal; Editing by Andrew Torchia

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