Saudi energy minister blames lack of investment for surge in fuel prices
Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said on Monday the gap between crude prices and prices for jet fuel, diesel and gasoline was around 60% in some cases due to lack of investment in refining capacity.
The prince, speaking at an aviation summit in Riyadh, said the world needed to look at energy security, sustainability and affordability as a whole.
“All mobility fuels have skyrocketed… and the gap between crude prices and these products in some cases is actually 60%,” he said.
The minister did not give comparative figures. But, as an example, the average refining margin for energy major BP was 18.9% in the first quarter of this year compared with 8.7% in the first quarter of 2021.
