Muscat: Oman’s Ministry of Oil and Gas has announced the revised petrol and diesel prices for March.
The price of super grade petrol (M95) is set at 145 baiza per litre, that of regular petrol (M90) will be 130 baiza per litre, and diesel will cost 146 baiza in March, according to the Ministry of Oil and Gas.
The price of the super grade petrol was 153 baiza per litre, regular petrol was 137 baiza per litre and diesel was 146 baiza per litre in February.
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 (Dh8.56 billion) in 2015, compared to 840 million riyals in 2014.
The new budget projects 3.3 billion Omani riyals (Dh31.47 billion) 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.
In February, a number of gas stations were found charging consumers in Muscat governorate more than the ministry-approved price, according to the Public Authority for Consumer Protection (PACP).