KUWAIT CITY, Aug 1: The committee in charge of revising the state-offered subsidies has not changed the fuel prices for August 2017 but has reduced the prices of diesel and kerosene from 110 fils per liter in July 2017 to 105 fils per liter in August 2017, reports Al-Rai daily quoting sources.
They explained that the United Arab Emirates and Oman have increased the prices of petrol, kerosene and diesel for August 2017. Qatar did not change the price of diesel but reduced the prices of all other types of fuel.
The UAE has the highest fuel prices in August 2017 compared to the rest of the Gulf countries, followed by Oman in second place, Qatar in third, Bahrain in fourth, Kuwait in fifth and Saudi Arabia in sixth.
The sources indicated that Saudi Arabia is expected to change the fuel prices in the coming phase.
They clarified that the committee reduced the prices of diesel and kerosene based on a recommendation from Kuwait Petroleum Corporation in accordance with changes in the international oil prices.
It is worth mentioning that the committee was formed after the Cabinet took the decision to enforce the new prices of kerosene and diesel from January 2016. The price of kerosene and diesel was 55 fils per liter before the new prices of 170 fils per liter was applied. Since then the committee has been reviewing the prices on monthly basis. The latest price of kerosene and diesel for August 2017 is 105 fils per liter.
Kuwaiti insurance companies are moving towards obtaining official approvals to raise the value of auto insurance from KD 20 to KD 100, which is an increase rate of 400 percent and five times more than the current value of insurance, reports Al-Anba daily quoting governmental sources.
The companies clarified that insurance fees have remained unchanged for the past 55 years since the issuance of law No. 24/1961 on companies and insurance agents.