460 million dinars: Kuwait’s spending on ‘gasoline’ in a year.
20 November 2023, 12:00 AM
01 January 2024, 12:00 AM
According to official statistics during the fiscal year 2022/2023, citizens and residents in Kuwait spent around 460 million dinars on car fuel, with a total consumption of approximately 4.89 billion liters of various gasoline types, including premium, private, and ultra.
There is a 9.5% increase in automobile fuel consumption by Kuwait’s citizens and residents, amounting to about 426 million liters. This brought the total consumption to 4.89 billion liters from the beginning of April 2022 to the end of March 2023, averaging 13.5 million liters per day. This represents a notable rise compared to the 4.465 billion liters recorded in the previous fiscal year (April 2021 to March 2022).
Specifically, premium gasoline, constituting about 62% of gasoline sales in Kuwait, has witnessed a consistent increase. Notably, its consumption has more than tripled in the last seven years since the government raised prices in September 2016. Premium gasoline consumption reached about 731.4 million liters in the fiscal year 2015/2016, doubling to about 1.66 billion liters in the following fiscal year, 2016/2017, and ultimately reaching a record 3 billion liters in the last fiscal year.
Consumption of 91-octane gasoline increased by 8.7% during the last fiscal year, totaling 3.042 billion liters. Expenditure on this type of fuel by citizens and residents reached about 258.6 million dinars in the fiscal year 2022/2023, compared to 237.88 million dinars in the fiscal year 2021/2022.
Consumption of private fuel (95 octane) increased by 12% during the last fiscal year, totaling 1.8 billion liters. Expenditure on this type of fuel amounted to about 189.9 million dinars in 2022/2023, compared to 169.5 million dinars in the same period in 2021/2022.
Private gasoline consumption recorded 3.233 billion liters annually during the fiscal year 2014/2015. After fluctuating, it began rising again in the period from 2021/2022, reaching 1.6 billion liters, and in 2022/2023, consumption reached 1.8 billion liters. Despite this increase, gasoline 95 consumption has declined by about 46% over the past seven years compared to the end of 2015/2016.
The consumption of “Ultra” gasoline continued to decline, reaching about 40 million liters during the period from April 2022 to March 2023, marking a 23.2% decrease compared to the period from April 2021 to the end of March 2022.
The current prices stand at approximately 85 fils per liter for premium gasoline, 105 fils per liter for private gasoline, and 250 fils per liter for ultra gasoline until December 31, 2023.