Kuwait- Subsidy Panel Cuts Price Of Diesel, Kerosene

(MENAFN- Arab Times) The Subsidy Committee of Ministry of Finance, during its meeting on Monday, Aug 24, approved to reduce the price of diesel and kerosene from 120 fils to 105 fils per liter from September 2015, reports Al-Nahar daily quoting a reliable source. He said the new price was decided based on the developments in the prices of petroleum products and the current state of the international oil market.

Meanwhile, Undersecretary of Ministry of Finance Khalifa Hamada affirmed that the exact amount required to cover the expected financial deficit has not yet been identified, indicating that the ministry has given up the plan to issue a new law on governmental loan-taking because the current laws meet the government's needs. In a press statement, he explained that the current laws include allowing the issuance of bonds.

The six major projects, which were recently announced and are worth about KD 3 billion, will be carried out by the Partnerships Technical Bureau (PTB). These projects will not be directly financed by the country's general budget.

In addition, PTB announced the signing of the contract for conducting the feasibility study of the railway system project to be implemented in Kuwait for establishing the Kuwait National Rail Road System which will cover all parts of the country and connect with the railway network in Kingdom of Saudi Arabia and other GCC railway networks.