Petrol prices are set to soar in Saudi Arabia starting tomorrow.
The Kingdom has announced that motorists will have to pay an extra 50% at the pump after posting a record budget deficit of 20% of GDP.
Prices will also increase for electricity, water, diesel and kerosene under the cuts decided by the council of ministers headed by King Salman.
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Until now utilities such as electricity and water have been heavily subsidised in Saudi Arabia, but the IMF has recommended raising fuel prices to save around $17bn each year.
