ALBAWABA – The Kuwaiti government announced plans to increase gasoline prices only for expats based on the global market prices, according to Al Qabas Kuwaiti newspaper.
Kuwait increases gasoline for expats
Al Qabas Kuwaiti newspaper reported through sources that the government is set to raise gasoline prices for expatriates only. The increase in gasoline prices will be aligned with the global market price as reported by the newspaper.
The sources also added that the price increase will not affect Kuwaiti citizens and will apply solely to all expats living in the country. Additionally, the government is also developing a specific financial support program to assist citizens with fuel consumption.
The sources also added that the price increase will not affect Kuwaiti citizens and will apply solely to all expats living in the country. (Shutterstock)
According to the government, the increase in gasoline prices is still under review and will be submitted for approval by the Economic Affairs Committee. It is worth noting that the Kuwaiti government raised gasoline prices multiple times in the past few months due to the global decline in oil prices.
Kuwait and gasoline
Notably, Kuwait is a member of the Organization of the Petroleum Exporting Countries (OPEC), an organization that enables the cooperation of leading oil-producing and oil-dependent countries to collectively influence the global oil market and maximize profit.
90% of the country’s general budget is funded by oil revenues and was significantly impacted by the decline in crude prices globally, dropping from $115 per barrel over two years ago to around $40 today.
Kuwait’s total population is approximately 4.9 million today, with 3.367 million being expats. The country ranks first among Gulf Cooperation Council nations and fifth globally for the cheapest fuel prices, with a gallon priced at about $1.286.
