Why Saudi Arabia is looking for cheaper alternatives

Saudi Arabia has been trying to lower its energy bills as part of a long-running strategy to cut its reliance on imported oil.But the government has been cutting back on subsidies for electric cars and other new vehicles.In recent months, Saudi Arabia’s state oil company, Aramco, said it would slash the number of petrol stations…

Published by admin inSeptember 21, 2021
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Saudi Arabia has been trying to lower its energy bills as part of a long-running strategy to cut its reliance on imported oil.

But the government has been cutting back on subsidies for electric cars and other new vehicles.

In recent months, Saudi Arabia’s state oil company, Aramco, said it would slash the number of petrol stations it sells, limiting them to just 10 per cent of the country’s population by 2025.

The move came amid a slowing economy and the government’s attempts to cut greenhouse gas emissions, including by boosting subsidies for energy efficiency.

The government has also announced a new set of fuel tax rates, which will apply to all new vehicles, including hybrid and plug-in hybrids.

Some analysts say that could have an impact on the economy and spur demand for electric vehicles.

Al Jazeera’s Hala Al-Sakka, reporting from the capital, Riyadh, said the latest moves were part of the Saudi strategy to curb the kingdom’s reliance on imports of oil.

“They’ve already reduced the number from about 10 per [percent] of the population to about 5 per,” she said.

“So there is a lot of pressure to have an oil price that is lower than the market.”

She said the government was also targeting “green energy and sustainable development”.

Saudi Arabia plans to invest $100bn in clean energy projects over the next three years, according to a government announcement.

It will be the first such project in the Arab world, which accounts for about 70 per cent, of the world’s population.

The country has long used oil to fuel its economy and has the world second-largest oil reserves, behind Saudi Arabia.

Al-Arabiya TV reported that Aramco said it was cutting petrol stations by up to 10 percent in the first half of this year and that the company had also decided to stop selling petrol in Saudi Arabia for 10 years.

The BBC’s Paul Brennan, reporting in Riyadh, also said Saudi Arabia was “looking to be cheaper than the US or Europe”.

Saudi Aramco declined to comment on Al Jazeera.

Saudi Arabia currently imports nearly half its energy from abroad.

It has also sought to lower the price of its oil to make it more competitive with cheaper imports.

Al Arabiya TV reported the oil ministry would be reducing the price for petrol in the country from $2 a litre to $1.20.

However, Al Jazeera could not independently verify the report.

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