Kuwait to consider further fuel price rises

The Kuwait cabinet will discuss two studies, one completed by Kuwait Petroleum Corporation (KPC), about increasing domestic fuel prices, the daily Kuwait times reported this morning.

It said the studies have been sent to the cabinet to be discussed by its economic committee before the meeting of the full cabinet at the end of August or beginning of September.

Kuwait, which has among the world’s lowest domestic fuel prices, is seeking to cut subsidies on petroleum products.  The government raised the price of diesel at wholesalers and filling stations to KD 0.170 dinar ($0.59) a  litre from KD 0.055 dinar on 1 January. Kerosene prices were increased at the same time.

Following complaints, state refiner Kuwait National Petroleum Co (KNPC) cut diesel and kerosene prices back to KD 0.110 dinar, effective 1 February.  KNPC said domestic prices of the fuels would be reviewed monthly according to developments in the global markets.