The Subsidies Evaluation Committee at the Ministry of Finance in Kuwait has decided to raise the price of Ultra 98 gasoline from 210 fils to 225 fils per liter effective April 1. This decision comes as part of the government's efforts to reduce subsidies and balance the country's budget.
According to a correspondence between Kuwait National Petroleum Company and Oula Fuel Company, the committee has also specified the prices of other gasoline types. From April 1 to June 30, 2023, the price of Excellent 91 gasoline will be 85 fils per liter, while Special 95 gasoline will be 105 fils per liter.
The increase in gasoline prices reflects the government's commitment to rationalizing spending and reducing dependence on oil revenues. As the global economy shifts towards renewable energy and sustainable practices, it is imperative for Kuwait to diversify its economy and reduce its reliance on oil.
The Ministry of Finance's decision to raise the price of Ultra 98 gasoline and other gasoline types may impact consumers who rely on personal transportation, but it is a necessary step towards achieving financial stability and sustainability in the long run.
As the government continues to implement economic reforms, it is important for citizens and residents to adapt to changes and embrace a more sustainable future. With the right policies and strategies in place, Kuwait can thrive in the global economy and secure a prosperous future for generations to come.
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