Oman increases the fuel price for June

According to a recent report, Oman’s Ministry of Oil and Gas recently announced the revised petrol and diesel prices for June. The price of super grade petrol (M95) is set at 180 baisa (Dh1.72) per litre, that of regular petrol (M90) will be 170 baisa per litre, and diesel will cost 185 baisa in June, according to the Ministry of Oil and Gas.

The price of the super grade petrol was 161 baisa per litre, regular petrol was 149 baisa per litre and diesel was 166 baisa per litre in May. Oman is following in the footsteps of all other Gulf states, which have revised fuel prices lately amid a slump in oil prices.

Subsidies on petroleum products, including petrol and diesel, are estimated to have cost Oman 900 million riyals in 2015, compared to 840 million riyals in 2014. The new budget projects 3.3 billion Omani riyals in deficit spending for 2016, which the government says it will try to reduce by improving the non-oil revenues as well as cutting expenditure. Oman posted a budget deficit of 4.5 billion riyals in 2015, as revenues declined by more than 50 per cent.

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