KUWAIT: Fuel prices in the country will be revalued early December, as people have started consuming premium-grade petrol instead of super-grade fuel, said a senior official at Kuwait National Petroleum Company (KNPC). The Cabinet has assigned the subsidies committee to re-examine prices of petroleum products every three months, KNPC’s Deputy CEO for Support Services Basem Al-Essa said yesterday. The committee will discuss the current conditions to decide the suitable prices, he added.
Local consumption of fuel has changed since the recent hike in prices, especially with the price difference between the premium and super grades of petrol. Consumption rates of premium petrol jumped from 20 percent to 80 percent after the hike, the official said. He added that KNPC has launched an application called “Kuwait Fuel” for smartphones, aiming to help people choose the right fuel for their cars.
Meanwhile, Essa noted that the company is currently executing the biggest projects in its history since its establishment in 1960. The most prominent project is the Clean Fuel Project at Mina Abdullah and Ahmadi refineries set to launch in mid-2018, with a production capacity of 800,000 barrels per day, he said. KNPC is also working on the Zour refinery project, set to open in Q3 2019, with a production rate of 615,000 barrels per day, he said. The company’s refining capacity is expected to jump to 1.4 million barrels per day, once the two projects are complete, he added.
Essa also spoke of the fifth LPG train project for processing additional gases from fields and refineries. The project is set to launch in April 2019, with a production rate of 805 million cu ft of gas daily. KNPC is also developing a sulphur handling facilities project at Mina Ahmadi refinery and a flare gas recovery unit project to reduce environment pollution caused by gas flaring, said Essa. The company provides essential energy products all over Kuwait, he said, adding that KNPC made profits of KD 176 million in the fiscal year 2015-16. – KUNA