KUWAIT, — National Assembly Speaker Marzouq Al-Ghanim has stressed that the Cabinet’s decision to start rationalizing fuel subsidies is an indication that it is adamant to take on full responsibility to face the current economic challenges, without hurting Kuwaiti citizens’ livelihood.

Members of the Parliament are committed to follow through decisions made by the Parliament financial committee back in February, when it was decided to liberate and rationalize subsidies for benzene in the country, as part of the Government reform scheme where the fuel products’ prices will be restructured to be in harmony with the average rates in the other GCC states.

Wednesday, a parliamentary meeting was held to discuss the consequences of this decision.

Next week, another meeting will be held, in the presence of His Highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah, to continue going over this crucial matter and to find a right formula for economic reform without negatively impacting Kuwaiti citizens’ living.

The new fuel pricing policy will be in effect as of 1-9-2016 in line with the policies adopted in the GCC countries.

The news prices are as following: Octane-91: 85 fils per liter, Octane-95: 105 fpl, Ultra-Premium: 165 fpl.

The new prices have been set after examining global rates.

Source: Name News Network