Oman is fixing motor fuel prices at average October levels until the end of 2022, according to state news agency ONA.
The cap is aimed at mitigating the effect of potential future crude price increases on the cost of fuel in the country.
Oman's gasoline and gasoil demand is recovering to pre-Covid-19 pandemic levels. Gasoline demand rose to 68,270 b/d in September, according to the latest data from the National Centre of Statistics, up by 19pc from September last year and on par with demand in September 2019, before the pandemic hit. Gasoil demand is slower to recover — it stood at 38,800 b/d in September, up by 6pc from same month last year but still down by 9pc from September 2019.
