Oman has announced it will rise gasoline prices as of mid January, reported Trade Arabia. The new prices per liter of gasoline will be 0.160 rials ($0.4156) for 95 Octane and 0.140 rials for 90 Octane. Diesel will cost 0.160 rials per liter. Jet fuel prices will not change. The new prices will be reviewed on a monthly basis.

The move has been ascribed to the impact of persistently low oil prices. Oman is a small oil producer and has faced larger budgetary problems than other GCC states, according to Khaleej Times. Other Gulf countries adopted similar policies, with Bahrain announcing fuel price hikes and Saudi Arabia pursuing a major economic overhaul that encompasses subsidy reforms, tax rises, and privatization. The GCC states are making an effort to reduce their budget deficits and ratchet up state revenues.