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Saturday , January 25 2020

Kuwait considers petrol price increase of up to 90%: report

gaspumpKUWAIT CITY, Oct 28: The Kuwaiti government has formed a special committee to study the possibility of increasing petrol prices by 70 percent to 90 percent, according to a report by Arab News. The price increase will come as a consequence of a gradual reduction of government subsidies on petrol to bring the prices in line with the international standard.

Citing an unidentified financial source, local media reported that the prices of services provided to citizens and residents would not be affected. In addition, the Undersecretary of the Ministry of Finance Khalifa Hamada was quoted as saying that the project of re-pricing charges of services would take nearly three years. An international consulting office was contracted to prepare a technical study a year ago, and it’s expected to finalise the project in the following two years.

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