RIYADH, Oct. 12 (Xinhua) -- Saudi Oil Company Aramco denied on Friday the reports of it hiking gasoline prices since Saturday, Al Ekhbariya local news reported.

The company confirmed that any change of fuel prices would be announced through official channels.

The Ministry of Energy, Industry and Mineral Resources announced in August that the prices of gasoline would remain unchanged for the third quarter of 2018.

Saudi Arabia has started to reduce the subsidy on many products, including fuel, since 2015 to cope with unstable international oil prices and plans to diversify its economy and incomes.