Darwish bin Ismail Al Balushi, Minister Responsible for Financial Affairs said the government decision to amend the fuel prices will come into effect from January 15, 2016.
He added in a press statement that a government committee comprising the Undersecretary of the Ministry of Oil and Gas, the Undersecretary of the Ministry of Finance , the Undersecretary of the Ministry of Commerce and Industry and the CEO of Oman Refineries and Petroleum Industries Company (Orpic) is in-charge of deciding the monthly prices to ensure that it is linked to global prices.
The price will be announced three days before the date of implementation next month. He added that the committee has also the power to supervise and follow up the actual implementation of the decision. It will also ensure that all petrol stations are in full compliance with the new prices specified by the Committee.
Moreover, the Committee will address the difficulties that may face implementation.
As per the financial allocations that were paid to subsidise the difference in the fixed price and the global prices would be used in financing the state’s general budget, especially to finance the projects that contribute to economic diversification, add value to Omani economy and generate job opportunities and bring benefits to both economy and Omani citizens, he said.