Saudi Arabia's decision to cut petrol and diesel prices to boost economic growth

Published May 2nd, 2006 - 10:02 GMT
Al Bawaba
Al Bawaba

Saudi Arabia's decision to cut petrol and diesel prices by some 30 per cent aims to push economic growth in the kingdom and ease the blow of a stock market crash, analysts have claimed. The world's biggest oil exporter announced in December 2005 that its budget surplus more than doubled to 214 billion riyals ($57.1 billion).