Saudi Arabia plans to raise domestic gasoline and jet fuel prices in January, part of a programme to gradually eliminate energy subsidies as the Kingdom seeks to overhaul its economy and balance the budget, according to a source with knowledge of the matter. Gasoline prices are set to increase by about 80%, while jet fuel prices will be raised to international levels in one go, the source said, in condition of anonymity because the matter has not been made public yet. Gasoline and other fuels, such as diesel, kerosene and heavy fuel oil, will see incremental price increases over several years, the source said. Excluding jet fuel, prices will not reach those of international levels until 2023 at the earliest, and potentially by 2025. Electricity tariffs will not be increased directly, but will rise gradually with other energy prices, the source added. The new plan represents a slower timeline for the removal of subsidies as the government tries to offset the impact of the measures on a struggling economy. The Ministry of Labor and Social Development will announce on Tuesday the details of a cash transfer programme, known as the Citizen Account, according to state television. Officials have said that the payments, intended to compensate low- and middle-income Saudis for austerity measures, will begin before the next round of subsidy cuts.