Monday, 4 May , 2020     |     1058      |      +      |     

Partial curfew in Kuwait causes 60% decrease in gasoline usage

Partial curfew in Kuwait causes 60% decrease in gasoline usage : Google
  • Business

The partial curfew imposed in Kuwait for over two months now, as part of the measures to confront the coronavirus pandemic, has led to reduction in the use of petroleum derivatives particularly gasoline by 60 percent.

He explained that the situation has reached such an extent that some local companies working in the oil marketing sector said the sold volume has reduced from seven million liters per month to 2.5 million liters.

Such low consumption allows Kuwait to cancel or reduce the import of gasoline from abroad, which amounts to about 1.4 million liters per day in addition to local production.

In this case, an important point must be taken into account, which is the force majeure that usually affects the monthly contracts.

The term “force majeure” allows contracts to be canceled without obligation to pay any costs.

This option is available to officials and can be used based on the conditions laid down in the contracts.

The source affirmed that Kuwait officially entered the list of gasoline-importing countries in 2017 due to insufficient refining capacity to cover the local market.

He revealed that the country imports 42 million liters per month from the Gulf countries at prices up to KD 6.5 million, which may vary depending on the international prices.

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Category: #Business, #Kuwait News | 2020/05/04 latest update at 5:00 PM
Source : Arab Times | Photocredit : Google
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