Muscat – Petrol and diesel prices will not increase beyond the current rate until the end of 2022, even if global crude oil prices continue to rise in the next 14 months.
On Tuesday, His Majesty Sultan Haitham bin Tarik issued directives to cap vehicle fuel prices at the October rates until the end of 2022, providing relief to consumers following a spike to a record high this month.
The Royal directive was welcomed by citizens and residents alike. Mohammed al Balushi, a government employee, said, “As an office-goer in Muscat who travels every weekend to my home town Sohar, fuel expense is among my weekly priorities. This decision is definitely good news for me. I will not have to worry about monthly fuel price hikes.”
Following rising oil prices globally this year, retail prices of petrol and diesel have been increasing almost every month since the beginning of 2021.
Fuel prices were deregulated in Oman in January 2016 and since then, petrol and diesel prices for every month have been set based on crude prices in the international market.
As per the Royal directives, the government will bear differences from any excess resulting from higher oil prices till the end of 2022.
With global oil prices continuing to climb, consumers in the sultanate were expecting further increases in fuel prices in the coming months, but the decision to cap prices at the October level has come as relief to motorists.
“The decision to stabilise fuel prices gives us surety that it will not increase further, no matter how high global oil prices rise till the end of next year,” said Hamad Sultan al Musallami, who works in the oil and gas sector.
Fuel prices in Oman hit record highs earlier this month, with a litre of M91 petrol costing 233bz, M95 petrol costing 242bz, and diesel costing 275bz. Prices will be revised to the October level – 229bz for M91, 239bz for M95 and 258bz for diesel.