Raising fuel prices in Kuwait is a vital measure to achieve economic reforms in the country's budget for the upcoming years, in light of the recent drop in oil prices, according to a Kuwaiti economic expert.
This step will help rationalize subsidies on fuel, limit unnecessary consumption, reduce traffic and fight fuel smuggling that had cost the country a lot, since prices of Kuwaiti markets will be almost similar to neighboring markets, expert Hajaj Bokhdor told KUNA on Sunday.
The hike in prices will only be five percent of the monthly consumption of those with average income, he added, pointing out that Kuwait is among the top countries with cheaper fuel prices, as the percentage in other countries such as the USA, Europe and Japan goes up to 30 percent, he said.
The Cabinet had approved the raise during a previous weekly session. The law will be applied by early September. The new pricing will be Octane-91: 85 fils per liter, Octane-95: 105 fpl and Ultra-Premium: 165 fpl.