NO PLAN TO LIFT FUEL, BUTANE GAS SUBSIDIES – KUWAIT OIL MINISTER

KUWAIT, Oct 13 – Kuwaiti Minister of Oil and Minister of State for National Assembly Affairs, Ali Al-Omair, has confirmed that lifting fuel and butane gas subsidies is not on the government’s agenda.

Lifting gasoline and butane gas subsidies is not part of the subsidies reform study, which will be discussed in the coming joint meeting between the Cabinet and the Supreme Council of Planning and Development, Minister, Al-Omair told reporters.

He, however, admitted that the meeting would tackle reforming subsidies of some products, which, according to the minister, would not directly affect low-income people.

“The meeting would discuss proposals to partially lift diesel, Kerosene and jet fuel subsidies,” he said.

Al-Omair also unveiled that the joint meeting would also mull proposals to raise the price of electricity and water.

The Minister clarified that the government would only raise the electricity and water price for highly-consuming facilities and houses.

The low-consuming category would not be impacted by the planned price rise, he stressed.

He underlined that the main objective of these measures is to rationalise the consumption of electricity and water, to preserve the state resource.

Regarding the current drop of oil prices on global markets, Al-Omair said, “It was expected” due to the geopolitical factors and the increase on supplies, amid modest global economic growth rates.

He expected that the prices would rebound or at least retain current levels in the winter season.

Al-Omair stated that Kuwait has not received any invitation to hold emergency meeting for the Organisation of Petroleum Exporting Countries (OPEC), to consider cutting output ceiling.

Many countries believe that the current output ceiling and quota is reasonable and fair, he said.

SOURCE: KUNA