Subsidy slash increases Oman fuel and oil prices
Fuel prices have also increased in Bahrain, which is implementing similar price hikes to increase its fiscal revenues
Gasoline prices in Oman and Bahrain increased as both countries lifted their fuel subsidies in a bid to boost government revenues.
Oman News Agency said in a statement that the new price for gasoline 95 octane will be 0.160 rials ($0.4156) per litre, while the price for 90 octane will be 0.140 rials per litre.
The price for diesel will be 0.160 rials per litre.
These values will take effect starting 15 January, and will be reviewed on a monthly basis, much like GCC neighbour UAE's system.
Furthermore, according to Khaleej Times, the Bahraini cabinet also said in a statement to national media that it is increasing its fuel prices starting 12 January.
Super fuel has been valued at 160 Bahraini fils ($0.424) per litre from 100 fils, while the price for regular fuel has been raised to 125 fils per litre from 90 fils.
Both countries are reportedly slashing fuel subsidies in light of reduced government budgets due to global oil price devaluations.