Read here: Oman moving towards 5 per cent value added tax
Muscat: Super graded petrol will cost 9.3 per cent less in March, compared with the price before deregulation.
According to the revised price for March, regular petrol will cost 7.14 per cent cheaper and diesel will be around 8.6 per cent less.
In March, the revised regular petrol (M90) will cost 130 baisas per litre, super graded (M95) 145 baisas and diesel will cost 146 baisas.
In February, the price of super grade petrol was 153 baisas per litre, for regular grade petrol it was 137 baisas and for diesel it was 146 baisas per litre.
Following the dip in global oil prices, Oman had deregulated its oil prices in January this year as part of austerity measures aimed at plugging the budget deficit.
Before deregulation in January, the cost of super grade petrol was 160 baisas a litre, regular grade petrol was 140 baisas a litre and for diesel it was 160 baisas a litre.
Fuel subsidies for 2015 were estimated to be OMR580 million, and with deregulation the government will be able to save that money, which is expected to be a great help in reducing the deficit.