Kuwait boasts of lowest fuel prices among GCC states

Kuwait boasts of lowest fuel prices among GCC states

KUWAIT CITY, Jan 4: Kuwait boasts the lowest fuel prices among Gulf states and ranks second in the Arab world, according to a research paper by the International Monetary Fund which focused on inflation rate shifts in Gulf countries from 2019 to 2022. The paper attributed the global rise in inflation to heavy reliance on …

<p>The post Kuwait boasts of lowest fuel prices among GCC states first appeared on ARAB TIMES - KUWAIT NEWS.</p>KUWAIT CITY, Jan 4: Kuwait boasts the lowest fuel prices among Gulf states and ranks second in the Arab world, according to a research paper by the International Monetary Fund which focused on inflation rate shifts in Gulf countries from 2019 to 2022.

The paper attributed the global rise in inflation to heavy reliance on imports and heightened consumer spending amid increased oil prices. Despite this, certain Gulf countries experienced lower increases in specific sectors due to government support.

The research assessed the impact of inflation on three sectors — food, housing services, and fuel — in Gulf countries. The report highlighted that the Gulf’s elevated inflation rates stem from a significant dependence on imports, double that of advanced economies, exacerbated by global market challenges like geopolitical tensions and