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Gasoline subsidy to be cut in 2016
December 3, 2015, 11:22 am

The Finance Ministry Undersecretary Khalifa Hamada said the first item to have its government subsidies cut would be petrol before other goods gradually followed. Hamada explained that gasoline prices in Kuwait were the lowest compared to other countries in the world and by reducing the subsidies allocated, a considerable amount from the state budget would be saved. He mentioned the move could solve environmental issues and help manage traffic problems.

Hamada emphasized that due to the current budget deficit and the government's current spending patterns, state's general reserves and those of future generations would be destroyed, particularly if oil prices persistently remain low for long. He said that some subsidies reach non-deserving consumers and it added pressure on the budget. 

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