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Monday , October 26 2020

‘Kuwait odd man out as Gulf states review, cut fuel rates’

‘KD380 mln profits since hike in prices’

KUWAIT CITY, Jan 3: While several Gulf countries have adjusted fuel prices more than once over the past three years, Kuwait has not made any price adjustments for gasoline since it raised the prices in September 2015, making Kuwait the only country that has not adjusted fuel prices for nearly 40 months, reports Annahar daily.

According to the statistics, it is assumed that Kuwait has made about 380 million dinars in savings since the increase of gasoline prices, but those savings may fade and increase if the government compensated citizens retroactively for that increase with the value of 50 dinars per month for citizens who hold driving licenses. Three Gulf states cut fuel prices for January this year – the UAE, Qatar and Oman – on the impact of world oil prices, which recorded the biggest decline in three years.

Gasoline prices in the UAE have fallen to their lowest level in a year. Premium gasoline prices will be around Dhs 2.54, up from 2.25 dirhams ($ 0.61) in December 2018. The price of ordinary gasoline will drop to 1.89 dirhams ($ 0.51) from 2.15 dirhams ($ 0.58). Diesel prices will fall from AED 2.61 ($ 0.71) to AED 2.30 ($ 0.63) in December 2018. Qatar has cut gasoline and diesel prices more than January 1916 compared to December.

The sale price of a liter of premium gasoline will drop by 16.7 percent to 1.50 riyals ($ 0.42) and the price of selling a liter of ordinary gasoline will drop by 16.2 percent to 1.55 riyals per liter ($ 0.425). The price of a liter of diesel in January will be reduced by 12.5 percent to 1.75 riyals ($ 0.48), against two riyals in December 2018.

Oman is witnessing a 6% drop in gasoline prices, with premium gasoline prices rising to 209 baisas ($0.54) in January 2019 from 223 pesos ($ 0.57) last December. The price of ordinary gasoline will fall to 198 baisas ($ 0.51) from 211 baisas ($ 0.55) in December. Oman will also cut diesel prices to 238 baisas ($ 0.56) next month from 251 baisas ($ 0.65) in December 2018. Saudi Arabia, Bahrain and Kuwait have not announced new changes in the prices of gasoline and diesel to be handled starting from the new month.

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