Saudi Aramco has announced an increase in the price of diesel by 7.8%, effective this January, bringing it to 1.79 Saudi Riyals per liter. This marks the highest historical level since the annual fuel price review mechanism began in 2022.
In Algeria, fuel prices have risen with the start of the new year. The price of a liter of unleaded gasoline increased to 47 dinars, up from 45.6 dinars, while the price of diesel reached approximately 31 dinars. These increases are part of an unannounced adjustment within the budget law but have been effectively implemented at distribution stations.
According to economic reports, these steps aim to rationalize subsidies and reduce the financial burden on government budgets, amid fluctuations in global energy markets and increasing fuel demand.
In contrast, Libya continues to sell fuel at subsidized prices, with annual increases in the quantities distributed to the domestic market. This has contributed to maintaining price stability for local consumers despite the worsening phenomenon of fuel smuggling across borders.
Saudi Aramco
Saudi Aramco is the state-owned national oil company of Saudi Arabia, founded in 1933 following an oil concession agreement with Standard Oil of California. It has grown to become one of the world’s largest and most valuable companies, central to the kingdom’s economy and global energy supply.
Saudi Riyals
The Saudi Riyal is the official currency of Saudi Arabia, introduced in 1935 following the establishment of the Kingdom. It replaced the Hejaz riyal and has been pegged to the U.S. dollar since 1986, symbolizing the nation’s economic stability and growth driven by its oil industry.
Algeria
Algeria is a North African nation with a rich history shaped by indigenous Berber cultures, successive empires, and a significant period as a French colony before gaining independence in 1962. Its cultural landscape features renowned ancient Roman sites like Timgad and Djemila, as well as the historic Casbah of Algiers, a UNESCO World Heritage site. The country’s identity is deeply influenced by its diverse heritage and its hard-fought war for liberation.
Libya
Libya is a North African country with a rich history that includes ancient Phoenician and Greek settlements, later Roman rule, and a significant period as part of the Ottoman Empire. In the modern era, it was an Italian colony before gaining independence in 1951, followed by the lengthy rule of Muammar Gaddafi from 1969 until the 2011 revolution. Its cultural sites include the well-preserved Roman ruins of Leptis Magna and the historic old town of Ghadamès.
