Oman’s Ministry of Oil and Gas has announced the revised petrol and diesel prices to be effective as of March, Gulf News reported. The price of super grade petrol M95 is set at 145 baiza per liter and regular petrol M90 will be 130 baiza per liter, which is a slight decline compared to February levels. The price of diesel will remain unchanged at 146 baiza per liter, according to the Ministry of Oil and Gas, informed Zawya.
State subsidies on petroleum products, including petrol and diesel, are estimated to have cost Oman $2.3b (OMR 900m) in 2015, up from $2.2b (OMR 840m) recorded in 2014.
The price amendments show that the country is following in the footsteps of all other Gulf states, which have lately revised fuel prices amid a slump in oil prices. The measure is, however, unlikely to balance out global oil prices drop as a number of gas stations in the Muscat governorate were found charging consumers more than the ministry-approved prices already in February.