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GCC members mull unifying fuel prices

Kuwait and Saudi Arabia back gradual deregulation, suggesting each country choose its own time to implement move

The oil ministers of member states of the Gulf Cooperation Council have looked into plans to unify fuel prices within the six-nation regional grouping, Al-Eqtisadiah reports citing informed sources.

The sources also reveal that Kuwait and Saudi Arabia voiced the backing of a gradual deregulation of fuel prices, suggesting that each country could pick the appropriate time to go ahead with the move.

Kuwait has already announced that it is revisiting fuel prices as well as the prospects for lifting fuel subsidies and rechanneling them to citizens through different means.

According to the daily, the fuel subsidy issue figured high in a recent GCC oil ministers meeting held in Qatar’s capital, Doha.

Recently, voices have grown louder in the GCC region, urging governments to revisit hefty fuel subsidies as the downhill slope of crude oil prices continues to place budgetary pressures on oil-dependent economies.

The sources have also revealed that a range of issues was discussed at the meeting, including climate change, cooperation to tap the renewable energy domain and crude oil prices.