Riyadh – Mubasher: Saudi Arabia is expected to raise crude prices for Asian buyers in February for the first time in three months, Reuters reported on Thursday.
The February official selling price (OSP) for flagship Arab Light may increase by 20 to 50 cents a barrel after falling to a four-year low in the previous month.
The report added that OSPs for other grades are expected to increase at least 30 cents in line with the change in the market structure for the first and third months of Dubai prices.
Meanwhile, Saudi Arabian Oil Company (Aramco) sets its crude prices based on recommendations from customers and after calculating the change in the value of its oil over the last month. It also takes yields and product prices into consideration.
The Saudi oil giant has hiked diesel prices in the Kingdom to SAR1.66 per litre as of 1 January 2025, marking a 44.30% hike compared to the beginning of 2024.
Based on the latest update on Aramco’s website, the group has kept gasoline prices unchanged, with Gasoline 91 priced at SAR 2.18 per litre and Gasoline 93 at SAR 2.33 per litre.
In January 2024, Saudi Arabia raised diesel prices to SAR 1.15 from SAR 0.75 per litre, continuing its gradual adjustments.
During the first nine months (9M) of 2024, Aramco’s net profits hit SAR 314.65 billion.
