Kuwait saves $1.2bn on raising fuel prices

Mubasher: The government of Kuwait has saved $1.2 billion in two years with an annual value of $600 million based on the average price of crude oil at $60 per barrel, Annahar Newspaper said.

The savings registered in two years resulted from raising fuel prices on 1 September 2016 as related to the fuel subsidy and modifying the bonus earmarked to high-ranking people in Kuwait.

This comes in addition to imposing a selective sales tax starting from 2019 in line with the government’s compliance with reducing about KWD 7 billion deficit in the budget of the year 2018/201.

Among the GCC countries, Kuwait is considered the cheapest country in line with maintaining the Premium 91 at 85 fils/litre and the Super 95 for 105 fils/Litre.

Mubasher Contribution Time: 02-Sep-2018 13:09 (GMT)
Mubasher Last Update Time: 02-Sep-2018 13:24 (GMT)