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SANAA, Aug. 2 (Xinhua) -- The oil-rich Arab Gulf state of Kuwait has declared it would raise gasoline prices starting from September, reported the state news agency KUNA.
The increase approximates 73 percent on domestic sales, the agency said.
The decision was approved during the cabinet's weekly Monday meeting.
Officials said the decision was part of a process involving implementing substantial reforms to the country's energy subsidies, the agency added.
Kuwait was the last oil-exporting Gulf state to take this step following Saudi Arabia.
The United Arab Emirates, Qatar, Oman and Bahrain had already reduced fuel subsidies to contain the magnitude of major budget deficits caused by sharp drops in global oil prices in recent months.
