Sunday, September 02, 2012

General Civil Aviation Authority asks Saudi Aramco to cut jet fuel price - report

Aviation authorities in Saudi Arabia have asked the country’s biggest oil producer to reduce its jet fuel prices in preparation for the entrance of new domestic airlines, a local newspaper reported.

Saudi’s General Civil Aviation Authority (GACA) believes that Saudi Aramco should reduce the amount it charges for aviation fuel to bring prices in line with neighbouring Gulf countries and stimulate competition in the domestic market.

“Aramco is charging airline companies prices higher than international prices, even in neighbouring countries with lesser potential,” GACA vice president Faisal Al-Sugair told Al-Eqtisadiah. “It is unreasonable that the world’s top oil producer demands a higher price than other countries with lesser oil resources.”

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