Kuwait's Emir Sheikh Sabah al-Ahmad Al-Sabah said Thursday that the Gulf country plans to cut heavy subsidies on fuel and power in a bid to offset a fall in oil revenues. "We will lift subsidies and will raise the prices of petrol, electricity and water" and reduce subsidies for other services, the Al-Rai daily quoted the emir as telling editors of Kuwaiti newspapers.

Kuwait is the only member of the six-nation energy-dependent Gulf Cooperation Council (GCC) that has not hiked the prices of petrol and power after income from oil plunged. Saudi Arabia, the UAE, Qatar, Oman and Bahrain have either hiked or liberalized fuel and power prices. The emir however did not give any timeframe for the measures.