Saudi Arabia has raised domestic energy prices, including fuel prices, state news agency SPA said on its Twitter account on Monday.

The world's largest oil exporter has set the price of 95 octane gasoline at 0.90 riyals ($0.24) per litre, SPA said, up from the current price of 0.60 riyals per litre.

Domestic fuel, water and electricity prices are currently among the lowest in the world because of heavy state subsides.

Earlier, the government announced plans to adjust subsidies for water, electricity and petroleum products over the next five years.

Any changes made to such prices would be aimed at achieving efficient use of energy and conserving natural resources, and would also be structured to minimise the negative effects on lower- and middle-income citizens, the , the Ministry of Finance said in its 2016 budget document said.

Raising the prices would reduce pressure on the state budget and would be one of Saudi Arabia's biggest economic reforms in many years.

The kingdom has also raised prices for gas, diesel and kerosene, according to SPA.

The price increases would take effect from Tuesday, the report added.-Reuters