Kuwait, oil rich Gulf state, will increase diesel price starting from early February 2015 , said Kuwait Petroleum Corporation - KPC.

The new price is assumed at KWD110 fils per liter.

KPC noted that it has amended diesel and Kerosene prices in order to comply with prevailing world market price, without moving above level of KWD170 fils per liter.

Early January 2015, the Kuwaiti government moved to cut its subsidy burden by raising the price of diesel at wholesalers and fuel stations to 0.170 dinar (59 U.S. cents) per litre from 0.055 dinar.

The politically sensitive decision prompted heavy criticism of government policy by some members of parliament, who argued that the drop in oil prices should lead to lower, not higher, prices for consumers.

At this time ministers insisted that they would not abandon subsidy reform.

Meanwhile, Oil Minister Ali al-Omair said the government had decided to postpone any removal of subsidies from petrol, electricity and water. He did not say when authorities might resume considering the reforms.