Saudi Arabians are waking up in the New Year to more expensive gasoline and electricity.

This is the second hike in gasoline prices since the beginning of the turmoil in international oil markets. The country has also imposed a new value-added tax. The five-percent tax on most goods and services is within the framework agreed upon by the member states of the Gulf Cooperation Council. These steps are part of a major revamp in the Saudi economy. The reforms aim to make the kingdom less reliant on oil revenues.