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| 22 October, 2017

Fuel prices could rise 47% if panel nods Kuwait's KPC request

Image used for illustrative purpose 
Site of an oil field is seen at sunset in Karamay, Xinjiang Uighur Autonomous Region, China, May 7, 2017.

Image used for illustrative purpose Site of an oil field is seen at sunset in Karamay, Xinjiang Uighur Autonomous Region, China, May 7, 2017.

Kuwait Petroleum Corporation (KPC) has presented a request to the concerned committee to review all kinds of subsidies related to fuel for November 2017

KUWAIT CITY - Kuwait Petroleum Corporation (KPC) has presented a request to the concerned committee to review all kinds of subsidies related to fuel for November 2017 based on recommendation to increase the prices by roughly 47 percent due to recent hike in the global fuel prices, reports Al-Qabas daily quoting sources.

KPC presented fuel prices as follows: Premium (91 Octane) 125 fils per liter instead of 85 fils, Super (95 octane) 130 fils per liter instead of 105 fils, Ultra (98 Octane) 165 fils per liter instead of 160 fils, Kerosene 125 fils per liter, Diesel 120 fils per liter.

The same source said the committee intends to dismiss the request and maintain the current prices for Nov 2017 under the pretext that it contradicts the regulations instituted at the beginning of implementation of the decision concerning the prices of fuel, although it stipulated that prices may be reduced or increased as per change of conditions.

They reiterated that some officials are uneasy about raising the prices of fuel despite the current budget deficit, because they seek to maintain their political status at the expense of economic or financial reform.

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