Petrol Price Reduced by Over 30%

Petrol Price Reduced by Over 30%
P.K. Abdul Ghafour, Arab News

JEDDAH, 1 May 2006 — Custodian of the Two Holy Mosques King Abdullah yesterday ordered petrol price in the Kingdom slashed by more than 30 percent from 90 to 60 halalas per liter, the Saudi Press Agency reported last night.

“In order to improve the living standard of citizens and for the public good, we have ordered that the price of one liter of petrol for the consumer be changed to 60 halalas instead of 90 halalas until Dec. 31, 2006,” a Royal Decree issued by the king said.

The decree said price of 91-octane petrol for consumers would be brought down to 60 halalas from 82 halalas per liter while price of 95-octane petrol will be slashed from SR1.02 to 75 halalas, effective from Jan. 1, 2007.

King Abdullah also cut diesel prices from 37 to 25 halalas per liter, the agency said. “The decree will come into effect the next day morning after its announcement,” the king said.

The new decree comes three weeks after the Council of Ministers reduced bench prices for heavy crude and other crude oils at between 4.90 and 6.30 halalas per liter for all consumers at all distribution centers. The Cabinet meeting also decided that the crude oil prices would be revised every five years in the light of international energy prices. “The prices will remain the same for 10 years for clients who sign long-term purchasing contracts with Saudi Aramco,” the Cabinet said, adding that the period would be calculated from the date on which the contract was signed.

More @ http://tinyurl.com/l82zp arabnews

Hooray! Finally we have some leadership from the, "Mr. I'm In Charge Here!" Oh wait this isn't about the US King, this is about the Saudi King!

You see when you owe your entire political life and all those around you are in the pay or are actually the 'petrol people' you offer the American people $100 rebates for gasoline. I just spent $42.40 for gas and got 14.728 gallons of gas @ $2.87 a gallon. How cheap can the politicians in this nation hold us if they are attempting to buy us with a measly $100 rebate? There are whores and then there are whores some are the high prices spread and some work out of cribs. Some get '$1000 a night' and others get '$2.00 for a bj'. The American people must be blow the '$2.00 whores'.

If the pol's with, "Mr. I'm in Charge Here," included wanted to help with the fuel costs they would either offer '25% to 50% rebate' on your total monthly fuel costs or they would force the oil companies to sell gas for no more that $2.50 per gallon.

Yeah I know what all you 'free enterprise gurus' are thinking. "The oil companies have a right to make as huge a profit as they can." Ah well no they don't have that right and if I were, "Mr. I'm Charge Here," I'd break the oil companies if I had to 'nationalize' them and fire the CEO's and the boards of director's with no compensation.

The oil cartel has set the prices and created a situation where there is a perceived shortfall with slight of hand that makes magicians green with envy. Until the American people 'demand' that the oil cartel be held accountable and profit does not come before the nation we will continue to be ripped off by these modern day pirates.