Ministry acts to prevent prices increase when subsidies lifted

Kuwait: Minister of Commerce and Industry Yousuf Al-Ali reviewed his ministry’s plan with the ministerial economic committee to control prices if subsidies are lifted and fuel prices are increased. Ali stressed that strict measures would be taken to prevent any unjustified price increases and that special inspection teams would be deployed in various markets and outlets to monitor prices. In a related development, informed sources said that the ministerial economic committee was currently considering rationalizing electricity, gas and water subsidies because they consume 70 percent of the total subsidies provided by the government. The sources added that four different scenarios had been discussed with relation to fuel prices and that it was proposed to increase prices in three stages until 2018-2019.

Source: Kuwait Times [Link]