Even without current subsidies, gasoline prices in Saudi Arabia may only reach 0.36 cents per liter. (AP Photo/Mosa'ab Elshamy)
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Saudi Arabia is considering a plan to phase out subsidies for gasoline and jet fuel in November at the latest, as the world's biggest oil exporter pushes a program to curtail spending after a global slump in prices.The government plans apparently to delay increases in other energy prices until early 2018 .Energy-subsidy reform is a key part of Saudi Arabia's plan to overhaul the economy, along with the sale of stakes in state-owned entities, including the world's biggest crude exporter known as Saudi Aramco.Saudi Arabia's budget gap soared to more than 15 percent of economic output in 2015 before authorities unveiled a plan to transform the economy and balance the budget by 2020 .Gasoline and jet fuel would undergo immediate, one-time increases under the Saudi plan, while the government would raise prices of other fuels gradually between 2018 and 2021, the person said.
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