Gasoline prices remain on the rise

Gasoline prices rose for another week Wednesday, climbing by LL400, the Energy Ministry reported. The price of 95-octane graded fuel is now LL33,800, while the 98-octane graded variety is L34,500, according to the weekly price update issued by the ministry. The price of kerosene gas is LL27,700. Fuel oil increased by LL300 over last week's price, settling at 25,600, and diesel oil is being sold at LL26,100. All prices are per 20 liters. The rise in local prices might continue this month given the drop in Iranian production and regional tensions. Kuwait's oil minister, Hani Hussein, said last week that the decline in Iran’s production coupled with increasing tensions was pushing oil prices higher. OPEC has said Iranian oil production has dropped sharply following European and U.S. sanctions on the Islamic Republic over its nuclear program. From DailyStar