Kuwaiti citizens and residents collectively spent approximately 460 million dinars on automobile fuel during the fiscal year 2022/2023. This expenditure was a result of the consumption of about 4.89 billion liters of gasoline, including premium, special, and ultra types.
According to official data obtained by Al-Anbaa, there was a 9.5% increase in the consumption of automobile fuel by citizens and residents of Kuwait. This increase amounts to approximately 426 million liters, bringing the total consumption to 4.89 billion liters from April 2022 to March 2023. This equates to an average daily consumption of 13.5 million liters, compared to 4.465 billion liters consumed during the previous fiscal year, from April 2021 to March 2022.
In terms of consumption, sales of premium gasoline (91 octane) witnessed an 8.7% increase during the last fiscal year, amounting to 244 million liters. The consumption of premium gasoline from April 2022 to March 2023 reached approximately 3.042 billion liters, compared to 2.79 billion liters consumed from April 2021 to March 2022. The spending by citizens and residents on this type of fuel during the fiscal year 2022/2023 amounted to about 258.6 million dinars, compared to 237.88 million dinars in the previous fiscal year 2021/2022.
Premium gasoline accounted for about 62% of gasoline sales in Kuwait, and its consumption has been steadily increasing every year. It is considered the most economical option for driving vehicles in Kuwait, compared to a consumption of 722 million liters during the fiscal year 2014/2015.
It is worth noting that the demand for purchasing premium gasoline increased following the decision to raise fuel prices in 2016. The average consumption of premium gasoline in the fiscal year 2015/2016 reached about 731.4 million liters. This number doubled in the following fiscal year, 2016/2017, reaching approximately 1.66 billion liters.
The consumption rate of premium fuel in Kuwait continued to rise steadily in the subsequent years, reaching approximately 2.62 billion liters in the 2017/2018 fiscal year, about 2.83 billion liters in the 2018/2019 year, and approximately 2.88 billion liters in the 2019/2020 year. During the COVID-19 pandemic period, consumption decreased to 2.27 billion liters in 2020/2021 but rose again in 2021/2022 to reach 2.79 billion liters, reaching a record level of 3 billion liters during the last fiscal year.
Upon closer examination, it is evident that the consumption of premium gasoline has more than tripled in 7 years since the government raised its prices in September 2016. In the fiscal year 2015/2016, the consumption was about 731.4 million liters, compared to 3.042 billion liters in the previous fiscal year.
The consumption of private fuel (95 octane) by citizens and residents during the last fiscal year increased by 12%, amounting to 194 million liters. The volume of consumption from April 2022 to March 2023 reached approximately 1.8 billion liters, compared to 1.6 billion liters during the period from April 2021 to March 2022. Private fuel consumption accounted for 37% of the total domestic consumption.
Spending on private fuel during the fiscal year 2022/2023 amounted to about 189.9 million dinars, indicating an increase in expenditure compared to the previous fiscal year.
Kuwaiti citizens and residents spent approximately KD 460 million on automobile fuel during the fiscal year 2022/2023, consuming about 4.89 billion liters of gasoline. Premium gasoline accounted for 62% of gasoline sales in Kuwait, with its consumption steadily increasing over the years.
Source: Kuwaiti citizens and residents spent KD 460 on gasoline during fiscal 2022/2023
