Kuwait is raising its subsidized gasoline prices for the first time in years, following its Gulf neighbors as low global oil prices continue to gnaw away at budgets across the region.

Kuwait's Cabinet announced the decision on Monday, increasing prices by 83 percent for its premium-grade gasoline. Beginning Sept. 1, that octane will be 165 fils a liter (53 cents) instead of 90 fils (30 cents). That's 624 fils ($2.05) a gallon as opposed to 340 fils ($1.12) a gallon previously.

Kuwait's cheapest gasoline will increase in price by 41 percent, while its mid-range will increase by 61 percent.

Bahrain, Oman, Qatar, Saudi Arabia and the United Arab Emirates all have increased their fuel prices. That comes as global oil prices have dropped to around $40 a barrel.