Kuwait Ready To Cut Petrol Subsidy

Kuwait may by the end of March announce cuts in domestic price subsidies for gasoline and kerosene, the chief executive of state oil firm Kuwait Petroleum Corp said on Tuesday.

"The Kuwait government gives huge subsidies. Subsidies will be taken out gradually. In the first quarter of 2016, there will be something on subsidies on gasoline, kerosene," Nizar al-Adsani said in a panel discussion at an energy industry conference.

The Kuwaiti government has said it is considering subsidy and spending cuts to save money as low oil prices push state finances into the red.

 

SOURCE : GULFNEWS

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