Oman caps retail gasoline, diesel prices at around $0.60/litre until end 2022

Quantum Commodity Intelligence – Oman has capped retail prices for road fuel prices at October 2021 levels until the end of 2022, effectively reintroducing subsidies for the first time since 2016.

According to the Times of Oman, the October price for M91 gasoline was 0.229 rials/litre ($0.60/ltr), M95 0.239 rials/litre ($0.62/ltr) and 0.258 rials/litre ($0.67/ltr) for diesel.

Retail oil prices have become a major political talking point across the globe, with spiking oil prices fuelling inflation and leading the US Biden Administration to call on OPEC+ to ramp up oil output.

Gasoline prices have rocketed to more than $1/litre in many US states, while European motorists are typically paying £1.50-$2.00/litre for gasoline.

Oman removed fuel subsidies in early 2016 when crude oil prices were under $30/barrel, compared to current levels of more than $80/b.

Benchmark 92 RON Singapore gasoline Wednesday was assessed by Quantum at $97.20/b, the equivalent of $0.61/b.

Middle East 95 RON gasoline was assessed $97.95/b, or $61.60/litre.

In July of this year Saudi Arabia also capped retail gasoline prices,