Kuwait – Mubasher: Kuwait will apply new fuel prices on Thursday, after the cabinet has approved the raising decision on 1 August, Kuwait News Agency (KUNA) said.
Octane-91 will be for 85 fils per liter (fpl), Octane-95 for 105 fpl, and Ultra-Premium will be for 165 fpl.
“The price increase will create a change in consumption of Octane-91 and Octane-95, as more consumers will tend to use the Octane-91,” CEO of Kuwait National Petroleum Company (KNPC) Mohammad Al-Mutairi told KUNA on Wednesday.
Kuwait has been witnessing a 4% growth in gasoline consumption over the past five years, Al-Mutairi said according to KUNA.
“The new pricing is close to international rates, said the official, noting that Octane-91 and Octane-95 are state-subsidies,” KUNA added.
The fuel pricing decision was made to rationalise subsidies and improve Kuwait's budget deficit.
“Statistics show that after the raise, fuel prices in Kuwait will still remain the lowest among the Gulf States,” KUNA clarified.
