Kuwait Petroleum Corporation (KPC) stated that the country increased oil prices by $0.13 , late August, from $43.87 per barrel to reach $44 per barrel, reported Kuwait News (KUNA).
In related news, the Kuwaiti national cabinet announced that domestic fuel prices will witness a 80% increased during September, according to Oil Price. The move comes as part of economic reforms designed to combat falling oil revenues, due to a decline in global prices. The measure will increase the price of low-octane petrol by 41% to $0.28 a liter, the price of high-grade petrol by 61% to $0.35 a liter and the price of environmentally friendly ultra petrol by 83% to $0.55 a unit.
Global prices fell for both Brent crude by $0.89 to reach $48.37 per barrel, and $0.63 for West Texas Intermediate to reach $46.35 per barrel. The decline in prices comes amid a stronger US dollar and concerns of overwhelming supplies.