Jun 28 2011 |
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Gov't subsidies of fuel products surpass 100 pct - Bakhsh
By Osama Jalal KUWAIT, June 28 (KUNA) -- The government gives ample support reaching over 100 percent to petroleum products sold in the local market like gasoline and lubrication oils, said Hamza Bakhsh, Managing Director of Al-Oula Fuel Co., in remarks to KUNA on Tuesday. Explaining that the state-owned KNPC oil company has a 24 percent stake in fuel marketing companies, among them Al-Oula, that work in the private sector, he noted that Al-Oula has a working capital of KD 30 million, with about 80,000 shareholders. Overall sales of fuel products, mainly gasoline, at Al-Oula range between 100-120 million liters a month, provided in totality by KNPC , said Bakhsh, underscoring that Al-Oula relies wholly on provisions from KNPC for its business. As fuel purveyors, like Al-Oula, depend on monthly quotas from suppliers like KNPC , it often creates a problem for them when the market demand spikes and the purveyor does not have enough to satisfy that need.Zawya Comment Policy
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