Kingdom issues clarification on energy price increases

The Saudi Ministry of Energy, Industry and Mineral Resources on Thursday denied rumors circulating in social media that government energy subsidies will be lifted as of Friday.
“The subsidy will only be lifted after the ‘Unified Citizen Account’ comes into effect, and after the subsidy reimbursement is deposited into citizens’ accounts,” the ministry tweeted.
A registration portal will be opened for the scheme on Feb. 1, 2017.
All eligible beneficiaries will receive their first payment prior to implementing the new price changes, according to the Fiscal Balance Program.
The “Unified Citizen Account” represents a way to cushion the effect of energy price rises on citizens.
The purpose of the subsidy was to reduce the effect of the rise in prices and make them affordable to citizens, residents, companies, stores and factories.
Regarding the “Unified Citizen Account,” the monetary support Saudi Arabia is willing to offer citizens will not exclude anyone, whether they are employees from the public or private sector, the government previously said.