Newspaper: The price of car oils in Saudi Arabia will increase by 12% next May

Newspaper: The price of car oils in Saudi Arabia will increase by 12% next May

Newspaper: The price of car oils in Saudi Arabia will increase by 12% next May

Sources in the automotive oils sector in the Kingdom of Saudi Arabia said, in a statement to Al-Sharq newspaper, that the local oil companies intend to increase their prices by 12% at the beginning of next May, and the distributors have been informed of this.

According to a member of the National Commercial Committee, Shanan Al-Zahrani, raising the prices of oils is considered a deliberate exploitation and clear manipulation due to the increase in the prices of local oils in close periods, as the prices of oils increased at the beginning of this year by 15% and are expected to rise in the coming days by 12%.

Al-Zahrani indicated that the high prices of oil and raw materials used in the oil industry, in addition to transportation costs, are not considered convincing justifications for raising prices in close periods.

Al-Zahrani explained that the National Commercial Committee has studied the issue of price hikes in order to put an end to the excesses of companies operating in this sector, indicating that the only solution to this matter is urgent intervention by the competent authorities, to set a higher price ceiling, based on real price data.

Al-Zahrani indicated that this matter is not normal because imported oils are subject to payment of fees at customs, amounting to 20%, and despite this, their prices are lower than the local ones.

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