Kuwait’s cabinet has approved increases to gasoline prices as part of a broader government program to reduce subsidies as continuing low oil prices hit revenue. Kuwait will be the last GCC state to cut road fuel subsidies. The UAE linked transport fuel prices to the spot market in July 2015; other states hiked prices at end-2015 and in January this year.
Beginning 1 September, Kuwait will raise the price of its three gasoline grades by 42%, 62% and 83% – though the largest hike is reserved for little-used 98 RON ‘Ultra’. The cabinet says prices are being “restructured in harmony with the average rates” of other GCC states, according to Kuna. Current GCC prices for 95 RON gasoline range from $0.24/liter in Saudi Arabia to $0.44/liter in the UAE (see table). (CONTINUED - 334 WORDS)
