Kuwait is expected to increase the prices of gasoline by around 73 per cent from September
A fall in prices is affecting the Gulf state’s finances, as oil-exporting states in the region are reducing subsidies for fuel, public utilities and food and freezing or reducing the growth of public sector wages as they aim to put a stop to big budget deficits caused by low oil prices.
According to state news agency Kuna, Kuwait’s cabinet said that the price for the ultra gasoline grade will reach 165 fils a litre from 95 currently, the super grade to 105 from 65 and premium grade to 85 from 60.
Kuwaiti finance ministry undersecretary, Khalifa Hamada, told the al-Qabas newspaper at the end of last year ‘rationalising’ subsidies will see the government saving as much as US$8.7bn over three years.
A US$31.4bn budget deficit was projected by Anas al-Saleh, the finance minister and acting oil minister, for the current fiscal year which started on 1 April.
Last year, it was reported that the United Arab Emirates raised octane 95 gasoline by around a quarter, while Qatar brought domestic prices of gasoline up by 30 per cent in January.
