Kuwait hikes petrol prices

KUWAIT CITY, August 2, 2016 – The Kuwaiti cabinet on Monday approved an increase in petrol prices in an effort to help plug the country’s deficit for the current fiscal year, projected to reach around USD 30 billion.

The measure, which will come into effect on September 1, will increase petrol prices by as much as 83%. The cleaner, so-called “Ultra” petrol will sell for USD 0.55 per litre while regular high-grade petrol will go for USD 0.35 per litre. Kuwait’s low-octane petrol, hiked by more than 41%, will henceforth cost USD 0.28 per litre.

According to the government, the increases were made after an “exhaustive study,” ensuring that prices were in tune with those seen elsewhere in GCC countries, which have all raised fuel prices in an effort counter lower revenue from oil. Kuwait is the last GCC member to take this measure.

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