Oman's Majlis A’Shura Economic and Financial Committee discusses petroleum pricing

Muscat: The Economic and Financial Committee at Majlis A’Shura on Tuesday yesterday discussed the mechanism used to adjusted prices of petroleum products and the method of calculation
with the committee formed to follow the global oil prices and modify the sale of petroleum products locally.
The Committee held its 2^nd regular meeting between the 1st and 2nd annual sittings of the 8^th term (2015/2019) under the chair of Saleh bin Said Masan, Head of the Committee.
The Committee discussed the mechanism used to adjusted prices of petroleum products and the method of calculation with the committee formed to follow the global oil prices and modify the sale of petroleum products locally. The meeting hosted Eng. Salim bin Nasser Al Oufi, Undersecretary of the Ministry of Oil and Gas, and Eng. Ahmed bin Hassan Al Dheeb, Undersecretary of the Ministry of Commerce and Industry.
The Undersecretary of the Ministry of Oil and Gas explained the equation used to price fuels and modify the prices. He pointed out that the Government announced the change in prices since 15^th January 2016. He affirmed that gasoline consumption declined by 2% over the past year, which confirms the decrease in spending by citizens, as consumers tended to use (M 90) by a large margin to compensate the price margin of (M 95).
He said that the sale price at stations in different governorates of the Sultanate is standardized, stressing the framework of the committee formed to monitor the global prices.
He added that the committee reviews the approved global market prices and adds margins, and then announces the market price in the Sultanate.
He explained that there is currently a study, which will be completed in the coming months. It includes transportation margins, operating margins of marketing companies, operating petrol stations and storage margins, and that all these margins will be reviewed.