Premium gasoline

uploaded by oksabaro December 24, 2008 at 12:04 pm
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Premium gasoline in Saudi Arabia. That's 53.2 liters (14 US gallons) for 33 Saudi Riyals. Regular is 30% cheaper.

Go to fxconverter.com/ and make your own calculations (code for Saudi Riyals is SAR).

Photo Properties
NP! ID: 1998266
Title: Premium gasoline
File Size: 1193 × 1280 – 136.47 KB

Created: Wed, 12/24/2008 - 12:04pm
Modified: Wed, 12/24/2008 - 12:04pm

File Type: image (jpeg)
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oksabaro

33 Saudi Riyals for 53.2 liters is 0.62 Saudi Riyal a liter. That was the price of premium gasoline at the pump in Eastern Saudi Arabia when this picture was taken on June 25th, 2008. It is the price of gas at the pump today. Unchanged.

The Saudi Riyal is in practice pegged to the US dollar. This was, and still is 62 US cents a gallon (note the coincidence: the gallon to liter ratio is nearly the same as the US dollar to Saudi Riyal exchange rate).

June 26th, 2008, the barrel of crude oil hit $140. By comparison, 1 barrel (42 gallons) of refined premium gasoline at this pump would have cost you just $26. And they still make a margin... Wow.

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