45462
Most Omanis Affected by Higher Fuel Prices
World Economy

Most Omanis Affected by Higher Fuel Prices

The vast majority of Omanis surveyed have said that the increase in fuel prices has had an effect on them, and almost half say it has had a significant effect on them and their families, the National Center for Statistics and Information revealed late Tuesday.
It said, 45% of Omanis commented in June that the rise in fuel prices has had a significant effect on them, compared to 24% in May, Arabian Business reported.
The figures showed that 38% of Omanis have been slightly affected by the increase, while 17% said they have not been affected at all, according to the NCSI.
Moreover, 44% of Omanis have changed, or they are thinking of changing, the grade of fuel they purchase at the pumps.
Furthermore, 34% of Omanis believe that altering the fuel prices has a negative impact on the country’s economy.
The NCSI explained that the level of satisfaction of the current fuel prices has significantly dropped from 39% last March to 22% in June.
The Omani cabinet decided last year to review fuel prices in line with the global prices, which was implemented by mid of January this year. A committee has been formed to review, monitor and fix the prices every month for petroleum products.
The fuel prices have witnessed a staggering 50% hike in June and July compared to January, when the fuel prices were reviewed.

 Seeking Help
Ahmed Al Nasri, an Omani working in the private sector, said that the hike in the fuel prices has affected him and his family as he spends extra 20 rials (almost $52) on fuel every month.
He hopes that the Omani government will allocate allowance for Omanis with low income to help them make ends meet as many are frustrated with the hike in fuel prices.
Oman is following in the footsteps of all other Persian Gulf Arab states, which have revised fuel prices lately amid a slump in oil prices.
Subsidies on petroleum products, including petrol and diesel, are estimated to have cost Oman 900 million riyals ($2.3 billion) in 2015, compared to 840 million riyals in 2014.
The new budget projects 3.3 billion Omani riyals ($8.57 billion) in deficit spending for 2016, which the government says it will try to reduce by improving the non-oil revenues as well as cutting expenditure. Oman posted a budget deficit of 4.5 billion riyals in 2015, as revenues declined by more than 50%.
Oman has posted a deficit of 1.6 billion riyals in the first three month of 2016, due to the slide in oil prices, according to the Financial Affairs and Energy Resources Council. The council recommended reviewing non-oil revenues as well as rationalizing expenditure.

Short URL : http://goo.gl/ubUxX6
  1. http://goo.gl/rmY3Tl
  • http://goo.gl/aI0BnX
  • http://goo.gl/01Uszj
  • http://goo.gl/ZLjXyt
  • http://goo.gl/6s2tod

You can also read ...

 An overwhelming 86% of Germans believe their economy is doing well, up from 75% last year.
Conditions for investors around the world are getting worse....
Britons have been borrowing heavily through personal loans and credit cards over the last 18 months.
Consumer borrowing grew at almost 10% in August, official...
Tax Reform  Can Boost  US Economy
The American electorate is more than ready for Washington...
South Korea’s jobless rate has risen steadily in recent years.
South Korea’s unemployment rate has risen steadily in the past...
Greece Remains Under Supervision
Greece will remain under supervision after it exits its...
Jordan Economy Continues to Grow
While the public sector continues to play a prominent role in...
Pak GDP Growth Predicted at 10% Over 10 Years
Researchers from Harvard University’s center for international...
China Rust Belt Opens Doors
Trucks carrying hi-tech car components rumble in and out the...

Trending

Googleplus