kuwait raises petrol prices
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle

By more than 80%

Kuwait raises petrol prices

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleKuwait raises petrol prices

Kuwait is the last country among the energy-rich Gulf Cooperation Council
Kuwait City - Arab Today

The Kuwaiti cabinet Monday decided to raise petrol prices by more than 80 percent from September 1 as part of economic reforms aimed at countering falling oil revenues.

A statement after the weekly cabinet meeting said the price of low octane petrol will rise by 41 percent to 28 US cents a litre while high grade petrol will increase by 61 percent to 35 cents.

It also decided to raise the price of environmentally friendly low-emission "ultra" petrol by 83 percent to 55 cents a litre.

These are the first increases in heavily subsidised petrol prices in the OPEC member for almost two decades.

The oil-rich Gulf state liberalised the prices of diesel and kerosene in January 2015 and revises their prices monthly.

Kuwait is the last country among the energy-rich Gulf Cooperation Council states to increase the price of petrol.

Other GCC members -- Bahrain, Oman, Qatar, Saudi Arabia and the United Arab Emirates -- have either completely liberalised fuel prices or raised them substantially because of the sharp fall in oil income since mid-2014.

The Kuwaiti cabinet said a government committee will revise the new petrol prices every three months depending on international oil prices.

In April, parliament approved a government-sponsored bill to raise electricity and water prices paid by foreign residents and businesses, but exempted citizens.

This increase, the first in almost 50 years, will take effect from September next year.

Kuwait has posted a budget deficit of $18.3 billion in the past fiscal year, according to provisional figures, following 16 years of windfall due to high oil prices.

It is projecting a deficit of $29 billion in the current 2016/2017 fiscal year.

The emirate is home to 1.3 million native citizens and around 3.0 million foreigners.

Source: AFP

themuslimchronicle
themuslimchronicle

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

kuwait raises petrol prices kuwait raises petrol prices

 



Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle

GMT 08:26 2018 Tuesday ,23 January

Five things to know about Davos

GMT 21:30 2017 Wednesday ,01 November

New York Times’ third-quarter revenue up 6.1%

GMT 11:09 2017 Friday ,24 November

Berlin police seeking more missing John Lennon items

GMT 06:34 2017 Saturday ,09 December

Rockets down Jazz for eighth straight NBA win

GMT 23:25 2017 Thursday ,16 February

Pakistan adds 16 new fighter jets to its fleet

GMT 10:50 2018 Tuesday ,23 January

Saudi university to open driving school for women

GMT 03:31 2017 Saturday ,07 January

Sharjah launches award for refugee support
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
 
 Themuslimchronicle Facebook,themuslimchronicle facebook  Themuslimchronicle Twitter,themuslimchronicle twitter Themuslimchronicle Rss,themuslimchronicle rss  Themuslimchronicle Youtube,themuslimchronicle youtube  Themuslimchronicle Youtube,themuslimchronicle youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

muslimchronicle muslimchronicle muslimchronicle muslimchronicle
themuslimchronicle themuslimchronicle themuslimchronicle
themuslimchronicle
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
themuslimchronicle, themuslimchronicle, themuslimchronicle