NADEC says Aramco adjusts fuel product prices

Logo of National Agricultural Development Co. (NADEC)

National Agricultural Development Co. (NADEC) received a notice from Saudi Arabian Oil Co. (Saudi Aramco) regarding an adjustment in the prices of fuel products used in its operations and distributions, effective Jan. 1, 2024. 

In a Tadawul statement, NADEC noted that the change will lead to an increase in production and distribution costs. However, the company will work on minimizing the impact through implementing operational efficiency measures and exploring alternative energy sources to mitigate cost increases.

In addition, the firm will invest in innovation through undertaking research and development in sustainable agriculture technologies to enhance productivity and reduce reliance on traditional fuels.

NADEC will also adopt a collaborative approach through working closely with partners and suppliers to identify mutually beneficial solutions to address the challenges posed by the fuel price increase.

The company is currently studying the financial impact of price changes on its production cost, the statement said, adding that the relevant financial impact will be reflected in Q1 2024 results.