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Petrol prices to remain as is until 2017, hike no more than 80 fils
August 1, 2015, 8:14 am

The prices of petrol will remain as it is until the end of 2016, reliable sources assert. They indicated that it is still too early to consider increasing the prices of petrol, as the Cabinet’s Subsidies Committee is still conducting a comprehensive study on the possible consequences of such a move on the local market and its impact on citizens and expatriates.

The sources explained that the committee has signed a contract with an international consultancy firm for this purpose, which will require one complete year to prepare the necessary reports in this regard. The committee will complete its study by the end of this year, after which it will refer its report to the Cabinet.

The report will then be forwarded to the Economic Affairs Committee and then referred back to the Cabinet for taking a final decision in this regard. This entire circle of referrals and approvals will require time until 2017. They affirmed that the price of petrol, if it is increased, will not be more than 80 fils per liter, denying rumors that the petrol prices will be increased to 100 fils per liter as it could result in negative consequences.

Meanwhile, MP Majid Mousa urged the government to give up its intention to increase the petrol prices, insisting that people with limited income will be more affected by such a proposal. In a press statement, he said such a governmental tendency indicates that the citizens’ interests is the least of the government’s priorities due to which it will accordingly disregard all parliamentary concerns and warnings against the application of such a decision even though it could negatively impact the standard of living of the citizens. Mousa indicated that some individuals are secretly aiming to tamper the cooperation between the two authorities by provoking such cases which are rejected by the Kuwaiti nation.

He affirmed that the government has several options to deal with its anxiety over the alleged inflation in the budget without harming the citizens but it has to coordinate with the Parliament for handling such issues; otherwise, it will have to confront the Parliament. In the same context, MP Khalil Abul insisted that the country needs to conduct thorough studies and has to think well before taking any decisions that could have negative consequences. He stressed the need for innovative solutions to be implemented for increasing the revenues of the country through varied sources.

The lawmaker explained that the recommendations to increase the fuel prices were mostly made by international financial institutions including World Bank. However, there are doubts about such recommendations and those who support them. Nevertheless, the decision to lift the subsidy could be one of the solutions but it should not be applied without conducting in-depth studies in this regard.

Source: Arab Times

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