2024-01-01 09:38:50
Muscat – Finance Minister Sultan Salim Al Habsi has announced relief for vehicle owners in Oman. In the press conference announcing the annual budget details, the minister said that the order controlling the increase in fuel prices has not been withdrawn and the current rate will remain the same in 2024. Oman is currently charging October 2021 rates.
The price was stabilized when Sultan Haitham bin Tariq issued an order in 2022 controlling the price increase. Sultan had announced that there will be no price hike in 2023. This is the third year in a row that fuel prices have not increased in Oman.
At the same time, the stability of fuel prices in Oman is reassuring to vehicle owners even as crude oil prices rise in the global market and fuel prices rise accordingly, including in other Gulf countries. The current situation is favorable for drivers. A rise in crude oil prices boosts Oman’s revenue and is good for the market. It also helps to control inflation in the domestic market. The Sultanate currently has one of the lowest fuel prices in the region.
According to the royal decree, the maximum fuel price in the country is the October 2021 level. According to the current rates, the higher rate will be 229 baisa for M91 petrol, 239 baisa for M95 and 258 baisa for diesel. The government pays for the excess price changes. Fuel stations in Oman charge only low rates compared to other Gulf countries. Fuel prices in neighboring countries are almost twice as high as in Oman.
English Summary:
Relief for vehicle owners in Oman; Fuel prices will not rise in 2024
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