Kuwait Petroleum Corporation (KPC) has proposed increasing fuel prices per liter in February as follows: 120 fils for diesel, 120 fils for kerosene, 125 fils for Premium 91 Octane, 130 fils for Super 95 Octane and 155 fils for Ultra 98 Octane, reports Al-Qabas daily.
The company affirmed that the proposed price hike is in line with the approved pricing mechanism. In an official letter, the company explained this step is in accordance with Council of Ministers Decision No. 23 dated 1 January, 2015 on amending diesel and kerosene prices and Decision No. 9523 dated 24 October, 2016 on reviewing the study of different subsidies provided by the State such that gasoline prices will be adjusted monthly in line with fuel price changes in the international market.
In related news, Al-Rai daily has reported that the Subsidies Review Committee led by Ministry of Finance Undersecretary Khalifa Hamada decided to maintain gasoline prices in February. However, the committee later agreed to increase the price of diesel and kerosene from 95 fils to 110 fils per liter — about 16 percent increase — as per the recommendation of KPC which pushed for the fuel price hike.