Kuwait, March 20 -- Kuwait's Ministry of Electricity and Water is set to increase electricity and water tariffs by 50 percent this year, local media reported.

The price hike will be implemented with the approval of the Kuwaiti National Assembly.

"The executive study to increase prices of electricity and water has been ready for some time, but the government's resignation delayed its implementation," sourcestoldKuwait Times.

The report indicated that citizens will be exempted from this increase in their private homes, however, their investments and commercial properties will be subject to the increases.

The ministry has reportedly said the increase is necessary as global energy prices continue to rise, as well as "the burden it poses t...