“Bloomberg” news agency reported that Kuwait ranked first in the Gulf in terms of cheap fuel prices, according to data obtained from the “Global Petroleum Price” website, in addition to the fact that the price of fuel in Kuwait is lower than the world average, as the price of a liter of gasoline was 0.34 US cents, while the global average is $1.47, compared to the price of fuel in the UAE, which is three times higher than in Kuwait.
Kuwait, which is the third largest producer in the Organization of Petroleum Exporting Countries, has raised gasoline prices for the fifth time this year to about $1.23 a liter, further widening the gap with other oil producers in the region who are subsidizing the cost of fuel. While other oil-producing countries in the region subsidize the fuel to varying degrees, the UAE liberalized gasoline prices in 2015, and its prices are now three times what they are in Kuwait and more than twice the average cost in other Gulf countries.
It should be noted that the high cost of fuel prompted the Uber Technologies company for transportation services to raise prices in the UAE twice this year. Academic Abdul Khaliq Abdullah said in a tweet published on Friday and reported by Bloomberg that the price of fuel in the UAE is the highest and most expensive in the Gulf and is still trending upwards, but it is lower than the global average of $1.47, according to data from the Global Petroleum website, as the average cost of a liter of gasoline is $1.37 in the United States, and $2.32 in the United Kingdom.