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English news

25-Jul-2016

Sales at petrol pumps slowing down in 2016

Growth in demand at petrol pumps in Oman has slowed in the first four months of this year following the government’s decision to unfreeze prices. Demand for petrol (gasoline) edged up only by 1% in the first four months of 2016, compared to the same period last year. In contrast, demand for diesel (gas oil) showed a 4% fall during the four-month period, according to a top-level official at Oman Oil Refineries and Petroleum Industries Company. However, in the last 10 years, the total annual growth rate for petrol averaged 9.6%, with the growth in demand for diesel of 9.1%, said Musab Al Mahruqi, chief executive officer of Orpic. Up until 2016, fuel costs had remained constant for more than two decades in Oman, but now a new pump price is announced at the end of each month, linked to whether the value of oil has risen or fallen. (Times of Oman)

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