The country raised the price of a litre of 80-octance gasoline from EGP7.5 to EGP8 (US$0.424), a litre of 92-octance from EGP8.75 to EGP9.25 (US$0.49).

The kingdom, which has 15 domestic airports, is witnessing a significant increase in the prices of domestic flights, ranging between 32% and 314%, a survey points out.

While some buyers are opting for smaller compact SUVs and electric vehicles, others are putting their purchase decisions on hold and looking at car rentals to save on mobility costs.

"A generous royal order was issued approving the allocation of financial support in the amount of SAR 20 billion (around $5.3 billion) to face the repercussions of rising prices globally," the official Saudi Press Agency highlighted. Roughly half that amount would come via direct cash transfers to social security beneficiaries.

Analysts expect that this meeting will decide to boost output by 400,000 barrels per day in March, in line with their strategy to slowly re-open the taps since May last year.

The cost of hydrocarbon fuels in Lebanon has now roughly tripled in the two months

Price 20 litres of 95-octane petrol shot up from $10.6 to $40.6 Lebanese officials blame smuggling to Syria, stockpiling for shortages Lebanon hiked fuel prices by more than 30 percent Tuesday as it reduced subsidies that have eaten away at the central bank's foreign currency reserves amid a painful economic...