Oman to decontrol petrol prices from Mid-January
Muscat – The Council of Ministers reviewed at its meeting the draft of the Ninth Five Year Plan (2016 – 2020 ) and the draft of the state budget for the year 2016. The council also approved a number of measures to counter the decline in oil prices to ensure the sustainability of the financial situation of the state. The most important of these actions include reducing government spending, and the enhancement of non-oil revenues by raising tax rates on corporate profits, reviewing and raising fees of some government services. It also approved modification of prices of petroleum products in accordance with the world prices from mid-January 2016.
The Council of Ministers added that to reduce the impact of these measures instructed the Public Authority for Consumer Protection to intensify the price control mechanisms so that there is no unjustified increase by the retailers. ONA