Kuwait raises petrol prices by 80pc

Kuwait raises petrol prices by 80pc

Kuwait raises petrol prices by 80pc KUWAIT CITY: The Kuwaiti cabinet on Monday decided to raise petrol prices by more than 80 percent from September 1 as part of economic reforms aimed at countering falling oil revenues.

A statement after the weekly cabinet meeting said the price of low octane petrol will rise by 41 percent to 28 US cents a litre while high grade petrol will increase by 61 percent to 35 cents.

It also decided to raise the price of environmentally friendly low-emission “ultra” petrol by 83 percent to 55 cents a litre.

These are the first increases in heavily subsidised petrol prices in the Opec member for almost two decades.

The oil-rich Gulf state liberalised the prices of diesel and kerosene in January 2015 and revises their prices monthly.

Kuwait is the last country among the energy-rich Gulf Cooperation Council states to increase the price of petrol.

Other GCC members — Bahrain, Oman, Qatar, Saudi Arabia and the United Arab Emirates — have either completely liberalised fuel prices or raised them substantially because of the sharp fall in oil income since mid-2014.

Source: http://www.dawn.com/news/1274703/kuwait-raises-petrol-prices-by-80pc

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