The rise in fuel prices this year seems to have had an impact on demand in Saudi Arabia, falling by an average of 7.4 percent in the first quarter of this year, according to official figures.
Data released by the Joint Organizations Data Initiative (JODI) showed that the kingdom consumed an average of 549,000 barrels per day between January and March of this year compared with an average of 590,000 bpd during the same period last year.
Even if the data are compared on a monthly basis and not on a quarterly basis, it is clear that consumption is declining. In January, demand for gasoline fell 7.7 percent from the same month last year, while in February it fell 7.5 percent and in March 5.7 percent.
As of January, the official selling price of 91 octane fuel was at 1.37 riyals per liter and 95 octane fuel at 2.04 riyals per liter. While the price of diesel for the transport sector did not change from the previous basic price of about 0.47 riyals per liter. These prices include VAT.