The head of the Cooperative Societies Union Ali Hassan said the union has come to an understanding with Kuwait National Petroleum Company and the Ministry of Commerce and Industry to exempt Iranian bakeries in cooperative societies from the decision to remove subsidies on kerosene.
In a press statement, Hassan explained that cooperative societies will be supplied with the kerosene required for operating these bakeries at the old price of 55 fils a litre, indicating that such a step is in the interest of stockholders and consumers of these cooperative societies and will stabilize prices. According to Hassan, the fuel will be delivered by tanker companies certified by KNPC, indicating that the company will not deal with individual cooperative societies but with the union only.
All others will have to buy kerosene at the current market price of 170 fils a litre. He added a meeting will be held to discuss the impact and repercussions of the increase in diesel and kerosene prices on cooperative societies.