As global leaders debate phasing out fuel subsidies at the COP 26 discussions in Glasgow, Oman this week announced that it is capping the price of fuel at October 2021 levels until the end of 2022 – a move that implies the de facto introduction of subsidies should international prices continue to rise.
Rising oil prices are pushing up fuel prices and the government in Muscat is wary that this could provoke socio-economic unrest. Fuel prices in October were OR0.229/liter ($0.59) for Ron91 gasoline, OR0.239 ($0.62) for RON95 gasoline and OR0.258 ($0.67) for diesel. (CONTINUED - 116 WORDS)