Oman fuel price cap continue until end of 2023

Oman’s Fuel price cap continue Until the end of 2023

Muscat: Fuel prices in Oman set to continue at average October 2021 rates during the next year (2023), within the framework of government directions to take into account social aspects and confront the global inflation crisis, according to Oman News Agency (ONA).

His Majesty Sultan Haitham bin Tarik On Thursday presided over a meeting of the Council of Ministers in Salalah. At the outset of the meeting, His Majesty the Sultan gave thanks and praise to Allah the Almighty for the riches with which He endowed Oman. His Majesty greeted Omani citizens and expatriates on the occasion of the 52nd national day. 

Following the Council of Ministers keenness to continue offering necessary support and alleviate the impacts of inflation on citizens’ livelihoods, His Majesty Sultan Haitham Bin Tarik gave instructions to endorse a number of initiatives including- Fixing vehicle fuel prices.

Fuel prices in the Sultanate of Oman 

Since November (2021) Oman has set a cap on fuel prices, in order to ease the burden on citizens and residents of the Sultanate.

According to the decision, the government shall bear the differences resulting from any increase in oil prices until the end of 2022, which is scheduled to be extended until the end of 2023.

On Thursday 17, November 2022, Oman News Agency said: His Majesty gave instructions to endorse a number of initiative including – Fixing vehicle fuel in accordance with October 2021 rates, as a maximum ceiling, until the end of 2023.

The applicable fuel prices will be as follows:

Fuel prices will be capped at an average of October’s 2021 fees:

M91 – 229 baisa / liter

M95 – 239 baisa / liter

Diesel – 258 baisa / liter

* ( 1 Omani Rial is equivalent to 2.60 US dollars as of November 18)

Fuel Subsidy in the Sultanate of Oman

The Fuel Subsidy in the Sultanate of Oman applies to all Omani Nationals who meet the criteria set by the Government of Oman. The criteria includes Omani Nationals who are above 18-years of age, own a Vehicle or a Boat and have a total Monthly Income not exceeding 950 Omani riyals.

The Fuel Subsidy is only for Mogas 91 (M91) Fuel Type.

The Fuel Subsidy can be applied towards: Vehicle (General Population) Boat (Fishermen only) 

The Fuel Subsidy comes into effect whenever the price of M91 Fuel is 180 Baisa or above as per the price set by the Government on a monthly basis.

The following are the benefits for the Subsidy users who are eligible for the Subsidy:

Avail M91 Fuel at a Subsidised Rate of 180 Baisa (until further notice from the Government of Oman)

Avail a total utilisation limit of 400 litres per Month at the Subsidised rate

It is noteworthy that the Omani government has allocated 35 million Omani riyals ($90.91 million) in the current year budget (2022) to subsidize oil products, but the rise in oil prices above $100 a barrel at a time when the government has fixed vehicle fuel prices is set to witness A significant increase in the volume of subsidies for petroleum products.

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