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FINANCIAL NEWS
Kuwait considers reforming petrol subsidies
11 Nov 2014
(MENAFN) Kuwait’s government said that they are considering adjusting its petrol subsidies in order to reduce waste, in a sign that the Gulf countries are using the current decline of oil prices to do economic reforms in their countries, The Peninsula Qatar reported.
Kuwait’s government, which has refrained from cutting the country’s growing energy subsidies for the last couple of year, said that it planned to raise domestic prices of diesel fuel and kerosene.
Kuwait’s Oil Ministry said that the government is also considering at its petrol subsidies, since petrol prices would have a much bigger impact than the diesel and kerosene changes on the country’s economy.
“We need to do something about subsidies. Maybe a producing country can turn into a consumer country. We need to put policy on it. We need to put an order to it so we can do something regarding consumption,” Kuwait’s Oil Ministry said.
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