Muscat:
Oman Oil, which is wholly owned by the Omani government, launched its new M-98 grade fuel on Wednesday.
M-98 is a higher grade fuel particularly used in performance cars and is more expensive than the M-95 grade fuel.
The M-98 grade fuel is priced at 266 baisa (Dh2.53) per litre, authorities announced.
The M-98 grade fuel will be available at Oman Oil fuel stations in Muscat, according to the company.
In January 2016, the Omani government started a review of fuel prices, following in the footsteps of other Gulf states that increased fuel prices.
Oman introduced M91 fuel in November 2016, which is a new type of petrol that has octane levels between M90 and M95.
M91 is currently priced at 199 baisa per litre, while M95 is priced at 213 baisa per litre.
Before the fuel prices in January 2016, the price of diesel was 146 baisa a litre, while M95 cost 120 baisa.
More than 125,000 Omani nationals have benefited from the fuel subsidy scheme, available at petrol stations nationwide.
In December, Oman’s government announced plans to introduce a new fuel subsidy scheme for low-income Omanis, starting from January.
The government’s decision aims to ensure the welfare of citizens. As per this mechanism, Omani citizens who meet eligibility requirements will get 200 litres per month of M91 petrol at a cost of not more than 180 baisa per litre
Meanwhile, oil prices hit their highest levels since 2014 on Tuesday, as a result of ongoing production cuts led by OPEC, as well as healthy demand.
