Mubasher: Kuwait’s government subsidies committee is currently discussing increasing the prices of diesel and kerosene in the warehouses of Kuwait National Petroleum Company (KNPC).
Over the past several months, KNPC’s warehouses continued to sell these products at subsidised prices to different companies and bodies, amid concerns that hiking the prices of diesel and kerosene would negatively impact the country’s inflation, sources told Al Qabas newspaper.
Kuwait has kept fuel prices unchanged since raising them in September 2016.
The decision to hike the prices of these types of fuel comes amid a widening budget deficit and lower expectations of stabilising fuel prices at reasonable levels, the sources added.
Kuwait previously announced that the projected budget deficit for its fiscal year 2019/2020 would reach KWD 7.7 billion ($25.4 billion) after allocating 10% of total revenues to Kuwait’s Future Generations Fund.
