RIYADH, Dec. 19 (Xinhua) -- Saudi Finance Ministry announced on Tuesday gradual hike in the prices of gasoline and diesel that will continue until 2050, Ajel online news reported.
It also highlighted that the same steps would cover an increase in electricity fee until 2025 to cover the production cost.
The plan could be modified to ensure financial stability, it added. The hike in the prices is part of major initiatives to redirect government subsidies to limit them to citizens and protect the energy resources.
The ministry's statement was made on the same day of the approval of the 2018 state budget with an expenditure of 260.8 billion U.S. dollars and revenues of 208.8 billion dollars.
The main highlights of the budget are revenues to be generated from taxes on goods and services and the profits of various financial funds.
Citizens would be compensated for the hike in energy products by getting financial allowances.