KUWAIT: High-ranking oil sources said if subsidies are gradually lifted, a proposal was made to the subsidies committee suggesting increasing petrol prices to 110 fils per liter for ‘special’ fuel compared to the current price of 65 fils - a 69 percent increase; and increasing the ultra gas price to 170 fils per liter compared to the current price of 90 fils - an 88 percent increase.

The sources added that if the committee decides lifting subsidies completely, fuel prices would jump to 250 fils per liter, as previously suggested by the oil ministry. The sources said fuel prices would be variable on a monthly basis according to oil prices, adding to this was the proposal most likely to be put into practice and stressed that the government would partially lift subsidies to avoid rapid inflation. “The committee will submit its final report by the end of December,” stressed the sources. — Agencies