June 24, 2003	Tuesday	Rabi-us-Sani 23,1424

JEDDAH, June 23: Opec kingpin Saudi Arabia announced on Monday it would hike petrol prices in the domestic market by 13 per cent in three years time, according to a cabinet statement carried by the official SPA news agency.

The decision, to be effective at the end of 2006, will increase petrol prices for consumers from 0.9 riyals (24 cents) to 1.02 riyals (27.2 cents) a litre, the statement said.

No reason was cited for the hike, which was decided on the recommendation of the kingdom’s oil ministry.

Saudi Arabia, the world’s largest oil producer and exporter, doubled petrol prices to 24 cents a litre in May 1999.

Other oil products were not affected by the decision taken at the weekly cabinet session chaired by King Fahd. The kingdom introduced unleaded fuel at the beginning of 2001.—AFP