RIYADH: Saudi Arabia’s consumer spending soared in the final week of 2024, with point-of-sale transactions climbing 17.2 percent week-on-week to SR13.8 billion ($3.6 billion), official data showed.  

Figures from the Saudi Central Bank, also known as SAMA, revealed significant growth across all sectors between Dec. 22 and Dec. 28, with the total number of transactions hitting 211.97 million during the week. 

The telecommunications sector led the growth in transaction value, reporting a 29.6 percent week-on-week increase to SR132.5 million.   

The recreation and culture sector followed closely, with a 27.7 percent rise, amounting to SR286.3 million. Seasonal gifting trends also contributed to a 26.1 percent increase in the jewelry sector, which recorded SR315 million in transactions.   

The food and beverage sector posted a 22.9 percent jump, reaching SR2 billion.  

Other sectors also saw substantial increases in transaction values. The education sector rose 20.7 percent, while health and furniture reported growth of 16.4 percent and 16.2 percent, respectively.   

Miscellaneous goods and services, as well as clothing and footwear, recorded similar growth at 16.2 percent and 16 percent. The restaurants and cafes sector grew by 14.4 percent, with transportation close behind at 14.2 percent.  

In terms of transaction volume, the jewelry sector led with a 25.4 percent week-on-week increase, reaching 231,000 deals.   

Telecommunications saw a 13.9 percent rise, followed by recreation and culture with a 13.3 percent increase, and transportation with an 11.8 percent growth.   

Clothing and footwear transactions rose by 11.5 percent, furniture by 10.6 percent, and miscellaneous goods and services by 8.9 percent.  

Regionally, Hail reported the highest growth in transaction value, with a 29.1 percent increase to SR218.9 million. The city also saw a 15 percent rise in the number of deals, reaching 3.65 million.   

Tabuk followed, posting a 28.9 percent growth in transaction value to SR270.5 million and an 11.3 percent rise in the number of transactions, totaling 4.57 million.  

Madinah recorded a 23.3 percent increase in value to SR594.8 million, alongside a 9.9 percent growth in the number of transactions.   

Riyadh, however, saw the highest overall transaction value at SR4.7 billion, reflecting a 12.4 percent increase. The capital also recorded a 6.2 percent rise in transaction volume.  

Jeddah followed with a 13.4 percent increase in transaction value and a 5.9 percent rise in transaction volume.  

RIYADH: Saudi Aramco has increased diesel prices in Saudi Arabia to SR1.66 ($0.44) per liter, effective Jan. 1, 2025, marking a 44.3 percent rise compared to the start of 2024.

According to the latest update on Aramco’s website, the company has kept gasoline prices unchanged, with Gasoline 91 priced at SR2.18 per liter and Gasoline 93 at SR2.33 per liter.

The annual review of diesel prices is part of Aramco’s pricing mechanism, implemented in 2022. This year marks the fourth review under the system. In January 2024, the Kingdom raised diesel prices to SR1.15 from SR0.75 per liter, continuing its gradual adjustments.

Despite the hike, diesel prices in Saudi Arabia remain lower than those in many neighboring Arab countries. In the UAE and Qatar, a liter of diesel is priced at $0.73 and $0.56, respectively, while in Bahrain and Kuwait, it costs $0.42 and $0.39 per liter.

Aramco’s website also lists the current price of kerosene at SR1.33 per liter and LPG at SR1.04 per liter.

On Dec. 31, Aramco announced reductions in the official selling prices for propane and butane for January 2025. The price of propane was reduced by $10 per ton, while butane saw a $15 per ton cut compared to the previous month.

Aramco’s OSPs for LPG are key benchmarks for contracts supplying the product from the Middle East to the Asia-Pacific region.

Additionally, the energy giant reduced pricing for its Arab Light crude oil for Asian buyers in January 2025. The OSP for Arab Light was cut by 80 cents, bringing it to $0.90 per barrel above the regional benchmark. Arab Extra Light and Super Light grades saw reductions of 60 cents and 70 cents per barrel, respectively, while Arab Medium and Heavy grades experienced cuts of 70 cents per barrel.

These adjustments reflect Aramco’s ongoing efforts to align its pricing strategy with market dynamics while supporting its broader energy goals.