Initial reports suggested the increase in petrol prices is imminent.
The change comes amid a raft of measures to combat the kingdom’s record budget deficit of $98 billion in 2015.
In the budget statement, the finance ministry said it would change subsidies for water, electricity and petrol over the next five years. The kingdom has traditionally kept prices low for residents as a social welfare measure.
Oil revenue was expected to reach $119 billion in 2015, or 73 per cent of the kingdom’s total revenue. This is 23 per cent less than oil revenue during the previous year.