KD 200 million saved since petrol prices' hike | kuwaittimes

KUWAIT: Drivers queue up to fill their cars with fuel at petrol stations in Kuwait City yesterday on the eve of increased petrol prices. The Kuwaiti cabinet decided on August 1, 2016 to raise petrol prices by more than 80 percent from September 1 as part of economic reforms aimed at countering falling oil revenues. These are the first increases in heavily subsidized petrol prices in the OPEC member for almost two decades. The oil-rich Gulf state liberalized the prices of diesel and kerosene in January 2015 and revises their prices monthly. — Photos by Yasser Al-Zayyat

KD 200 million saved since petrol prices' hike

By Kuwait Times

May 03, 2018 | 12:43 a.m EDT

KUWAIT: Kuwait has made KD 200 million in savings since the increase of gasoline, kerosene and diesel prices in Sept 2016. The state, by reevaluating oil product prices as part of the economic reform policy it adopted in March 2016, seeks to increase non-oil revenues, and has set a savings target of KD 120 million per year. So that the total savings in the budget during 20 months is nearly KD 200 million. Prices have settled at KD 0.105 per liter for super grade gasoline, KD 0.085 for premium and KD 0.115 for diesel. The UAE has the highest petrol prices, followed by Oman, Qatar, Saudi Arabia, Bahrain and Kuwait.

Islands development

A government study revealed that Kuwait will allocate nearly $15 billion annually for salaries for nearly 250 Kuwaitis in the islands development project, with the aim to have 75 percent of jobs filled by Kuwaitis. The study, which was done by the council of ministers, shows that available job opportunities in the project will reflect positively on citizens' standard of living. It said the project will give the country the opportunity to reduce reliance on oil as a major source of revenue, so that oil revenues drop from 89 percent to 51 percent of the country's general revenue in the annual budget.

Environmental violations

The Environment Public Authority (EPA) filed citations against three tankers in Sulaibiya for dumping combustible material on soil and not in designated areas. The fine for such a violation may reach KD 51,000. The EPA cited violation of article 53, as "the owner or operator of the facility did not commit to periodical maintenance of equipment and machinery, and taking all the necessary precautions to prevent leakage of any pollutants in the environment."

Meanwhile, the EPA, represented by Deputy Director General for Environment Supervision Affairs Mohammad Al-Ahmad, toured Failaka Island to check on the requirements of the island's development in the presence of Minister of Public Works and State Minister for Municipal Affairs Hossam Al-Roumi.

Mass transportation

Director General of the Public Authority for Roads and Road Transport Ahmad Al-Hossan said the authority is planning to activate a mass transportation project within the plan of developing road systems. Hossan, speaking during the partial opening of the development of the western part of Jamal Abdulnasser Street, said the authority has a major plan to carry out 31 openings - partial or complete - during the current year. He said the project saw the opening of flyovers of the main road in front of the Public Institute For Social Security's building from the eastern side towards Kuwait City, and on the other side, with a length of 1,400 meters and three lanes' width.

By A Saleh

May 03, 2018 12:43 AM

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