(Bloomberg) -- Saudi Arabian Mining Company said its earnings could be hit by state energy giant Saudi Aramco’s decision to increase fuel product prices from Jan. 1 this year.

“The expected financial impact will be an increase of approximately 3.2% of the total annual cost of sales,” Maaden said in a filing to the Saudi Tadawul stock exchange, adding that the effect will appear starting from the first quarter of 2024.

“The company will also work to study ways to reduce the financial impact of this amendment,” the statement added.

Several Saudi-listed companies, including Northern Region Cement, Southern Province Cement and Tabuk Cement, have also said they’ve received a price increase notice from Aramco, and warned the decision may affect their production costs and earnings.

The price increase is part of the government’s 2016 plan to gradually eliminate energy subsidies.

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