Friday , December 15 2017

‘Hike in petrol will not affect commodity rates’ – ‘Panel to monitor Ramadan prices’

KUWAIT CITY, May 10: Minister of Commerce and Industry Dr Yousef Al- Ali said the proposal to increase electricity and water charges based on consumption was passed smoothly without any effect on the prices of commodities, reports Al-Rai daily.

Speaking to the daily, Al-Ali disclosed the ministry is now preparing for the expected increase in the price of petrol, while affirming the readiness to control prices of commodities during Ramadan. He said several decisions were taken in this regard, including the formation of an ad hoc committee to monitor prices. He clarified the decision to increase petrol price will not affect the prices of commodities.

In a related development, Al-Qabas daily quoted informed sources as saying that the Economic Affairs Committee in the Cabinet will discuss in its next meeting the suggestions and plans concerning fuel subsidy.

Sources revealed the committee will take the necessary decision, especially since it does not need approval of the National Assembly. Sources said the main proposal is to regulate the price of ultra fuel while maintaining partial subsidy on two other types of fuel at 30 to 50 percent in order to ease the burden on the general budget and take into consideration the consumers at the same time.

Sources added the bigger percentage of subsidy will be for the first-rate fuel as it constitutes a larger portion of the total consumption than the other types.

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