The Saudi Ministry of Energy, Industry and Mineral Resources has announced that the new prices of oil derivatives would apply to the domestic market as of today.

The Saudi Press Agency quoted the ministry as saying that the new prices including VAT, are as follows; Gasoline 91 - 1.37 Saudi riyals per liter (SR/L); Gasoline 95 SR/L 2.04; Diesel for industry and utilities SR/L 0.378, Diesel for transport (unchanged) SR/L 0.47; and Kerosene (unchanged) SR/L 0.64.

"The regulatory authorities will continue monitoring the markets to ensure that prices are applied, and that supplies are not interrupted, according to the statement.

"Legal penalties will be applied to anyone who raises prices before the stated time or stops providing products," it warned.