Kuwait’s cabinet has approved increases to gasoline prices as part of a broader government program to reduce subsidies as continuing low oil prices hit revenue. Kuwait will be the last GCC state to cut road fuel subsidies. The UAE linked transport fuel prices to the spot market in July 2015; other states hiked prices at end-2015 and in January this year.

Beginning 1 September, Kuwait will raise the price of its three gasoline grades by 42%, 62% and 83% – though the largest hike...