M91 price to stay at Feb level

MUSCAT: The Council of Ministers on Tuesday issued a statement regarding supporting some segments of society through fuel prices liberalisation. As part of ongoing government’s attention accorded to segments of citizens affected by fluctuation in international oil prices, the Council of Ministers instructed the committee tasked with following up fuel prices to finalise mechanism and executive procedures aimed to support “entitled” segments of citizens affected by the rise in international oil prices, provided the price of petrol grade (M91) approved during this month (February 2017) shall be stabilised till such time that the above-mentioned mechanism is approved.

At the time of subsidy, the price for the M90 grade (now M91) was 114 baisas, which shot up to 140 baisas in January 2016 and now stands at 186 baisas. The price for M95 went up to 160 baisas from 120 baisas (with subsidies) and now stands at 196 baisas. Diesel prices went up from 146 baisas (with subsidies) to 160 baisas and now stand at 205 baisas. “We are happy that a solution will be arrived at before the prices for March are announced. At the same, we can see a trend among more and more people moving to smaller vehicles that can run on M91 grade of fuel,” said Tariq al Hashmi employed in the private sector and travels to Sur every weekend. The Majlis Ash’shura members welcomed the statement issued by the Council, and said it will bring relief to the people.