Saudi cabinet increases oil prices and service tariffs amid budget deficit

The Saudi cabinet announced Monday the increase in oil prices starting from Tuesday, plus added tariffs on electricity, water and sanitation services.

The Saudi Press Agency said the decision was taken after the country approved the 2016 state budget with 86 billion U.S. dollars in deficit.

The budget incorporates economic growth by keeping expenditure at 223.9 billion dollars and revenue at 136.95 billion.

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