Petrol Price in Oman 2026: 239 Baisa/L (M95) Complete Guide
Oman is the largest oil producer in the Middle East that is not a member of OPEC, pumping over 1.03 million barrels per day. Yet unlike its wealthier neighbours, the Sultanate does not enjoy bottomless hydrocarbon wealth. When global oil prices crashed in 2014–2015, Oman was hit harder than other Gulf states, forcing difficult reforms.
Current Petrol Prices in Oman (April–May 2026)
Oman sets retail fuel prices monthly through a government‑led committee (Ministry of Energy and Minerals). For April 2026, the government opted to maintain March prices unchanged, a deliberate policy choice to shield consumers from global oil price volatility during the ongoing Iran‑US conflict.
Official Omani fuel prices are publicly available on the National Subsidy System (NSS) portal, and the subsidized rate applies only to Omani citizens who have registered their vehicles in the system.
Authorized Retail Prices – April 2026
Fuel Grade | Octane Rating | Price (Baisa/L) | Price (OMR/L) | Price (USD/L) | Approx Price (PKR/L)* |
M91 Petrol | 91 | 229 Bzs | 0.229 | ~0.60 | ~52 PKR |
M95 Petrol | 95 | 239 Bzs | 0.239 | ~0.62 | ~54 PKR |
Diesel | – | 258 Bzs | 0.258 | ~0.67 | ~59 PKR |
M98 Super Premium | 98 | ~270 Bzs | 0.270 | ~0.70 | ~61 PKR |
Price Evolution (October 2025 – May 2026)
Month | M95 (Baisa/L) | Diesel (Baisa/L) | Key Event |
October 2025 | 216 | 208 | Pre‑war stability |
November 2025 | 218 | 208 | – |
December 2025 | 218 | 208 | – |
January 2026 | 224 | 228 | – |
February 2026 | 227 | 224 | – |
March 2026 | 239 | 258 | Increase after Strait of Hormuz tensions |
April 2026 | 239 | 258 | Prices frozen (no further increase) |
May 2026 | 239 | 258 | Further adjustment pending |
Source: NSS Oman, Global Petrol Prices.
Price Stability Note: From 2016 to 2025, the average gasoline price in Oman was OMR 0.22 per litre, ranging from a minimum of OMR 0.16 in May 2016 to a maximum of OMR 0.24 in July 2021. Despite the recent rise, prices remain within historical norms.
Historical Price Trends (2007–2026)
Since 2007, gasoline prices in Oman have averaged approximately USD 0.53 per litre. Historical extremes include.
| Period | Price (USD/L) | Event |
|---|---|---|
| December 2008 | 0.31 (record low) | Global financial crisis |
| February 2022 | 0.62 (record high) | Post‑COVID demand surge / Russia‑Ukraine war |
| May 2016 | 0.41 (post‑deregulation low) | Initial deregulation period [8†L7-L8] |
Long‑Term Average (2007–March 2026): OMR 0.22 per litre (approx USD 0.57)
Key observation: After the 2016 deregulation, prices became more responsive to global oil price swings, yet Omani consumers still pay well below European or Asian levels.
Oman’s Oil Sector – Production, Reserves & Economy
| Metric | Value | Global Rank |
|---|---|---|
| Proven oil reserves | 4.8–5.4 billion barrels | #22 globally |
| Daily production (2024) | 1,001,970 barrels | #19 globally |
| Oil as % of GDP (2017) | 39% | – |
| Target oil % of GDP (2040) | 8.4% | – |
In March 2026, Oman announced new oil discoveries expected to raise production by 50,000 to 100,000 barrels per day over the next two to three years. Further discoveries in April 2026 at the Hasirah Ridge are slated to bring first oil onstream by Q4 2026, with development continuing through 2028 .
Despite not being an OPEC member, Oman voluntarily coordinates with OPEC+ on production targets. In May 2026, Oman is projected to produce approximately 220,000–230,000 barrels of oil equivalent per day (boepd) under the latest OPEC+ adjustment.
Who Decides? – The Monthly Price Setting Mechanism
Since January 15, 2016, Oman has deregulated its fuel market, moving away from heavy government subsidies. A dedicated committee, comprising officials from the Ministry of Oil and Gas, monitors global oil price movements and adjusts domestic retail prices accordingly.
The committee follows a dynamic pricing model that tracks international petroleum benchmarks, allowing prices to be modified periodically to keep them aligned with the broader market . Typically, there is a two‑to‑three‑week lag between crude oil price changes and retail fuel adjustments, even in liberalised markets.
While the exact algorithm is not publicly disclosed, the mechanism factors in:
International crude oil benchmarks (Brent, Dubai Crude)
Refined product market prices (gasoline, diesel, kerosene)
Freight, insurance, and handling costs
Marketing company margins (Shell Oman, OOMCO, Al Maha Petroleum)
The government retains final approval authority, ensuring that price increases are modulated to prevent sudden economic shocks.
The Two ‑Tier Subsidy System – How the National Subsidy Scheme Works
Oman heavily subsidises gasoline prices to keep them affordable for its citizens and residents, paying the difference between the actual import/refining cost and the retail price.
| Metric | Value |
|---|---|
| Petroleum sector subsidies (2024) | RO 232 million (~$603 million) |
| Total subsidy spend (10th Plan, 2016‑2020) | $18.9 billion |
| Subsidy on transport fuels | RO 1.464 billion (20% of total) |
National Subsidy System (NSS) Card
In a critical shift, the government replaced blanket fuel subsidies with a targeted social protection scheme. Under the NSS, fuel subsidies are now limited to:
Omani citizens only
Expats pay the unsubsidised market rate
Registered vehicles
Only cars listed in the National Subsidy System qualify
Specific segments of Omani society to mitigate liberalisation effects
- Eligible citizens receive a subsidy card from their preferred fuel station after registering on the NSS portal.
- The government allocated RO 614 million for the social protection system in the 2026 budget to support this transition.
- Finance Minister Sultan bin Salem Al Habsi has confirmed that while existing support mechanisms will continue, there are no current plans to further lift or change electricity and fuel subsidies.
Why Fuel Subsidy Reform Happened in 2016
The 2014–2015 oil price crash was a fiscal earthquake in Oman. Oil revenues dropped more than 60% as crude plunged from 100 per barrel to below 100 per barrel to be low 40.
Key Reforms Implemented
January 2016: Full fuel price deregulation, with prices increasing up to 33%
Corporate tax raised from 12% to 15%
Spending cuts across civil ministries and defense
Fuel subsidies slashed from RO 1,134.6 million (2014) to RO 479.3 million (2015) — a 57.8% decline
By 2024, subsidy reforms had delivered estimated savings of RO 479 million from fuel subsidies and RO 386 million from electricity subsidies
Oman Vision 2040 – Diversifying Away from Oil
Launched in 2021, Oman Vision 2040 is the Sultanate’s ambitious economic diversification plan. Key targets include:
- Reduce oil’s share of GDP from 39% (2017) → 16% (2030) → 8.4% (2040)
- Introduce sustainable finance frameworks to attract ESG investment
- Implement fiscal reforms, including VAT introduction (now 5%)
IMF Endorsement
In November 2024, the IMF completed its Article IV Mission to Oman, noting that reform implementation under Oman Vision 2040 is proceeding decisively, with progress made on strengthening social safety nets
Oman vs Pakistan – A Direct Price Comparison
For Pakistani readers, the cost difference between the two nations is striking. Using current exchange rates (1 OMR ≈ PKR 724.98)
| Fuel Types | Oman Price (OMR/Ltr) | Oman (Approx PKR/Ltr) | Pakistan (Approx PKR/Ltr) |
|---|---|---|---|
| Super (95/98) | ~0.250 – 0.280 OMR | ~PKR 180 – 200 | ~PKR 399.86 |
| Special (91) | ~0.240 – 0.260 OMR | ~PKR 175 – 190 | Not Widely Used |
| Diesel | ~0.300 – 0.350 OMR | ~PKR 215 – 250 | ~PKR 399.58 |
Exchange Rate Used: 1 OMR ≈ 725 PKR (approximate as of May 1, 2026).
Key reasons for this massive disparity:
| Factor | Oman | Pakistan |
|---|---|---|
| Oil production capacity | Over 1 million bpd (exporter) | ~81,000 bpd (importer) |
| Import dependency | Low (self‑sufficient) | 83% imported |
| Fuel taxation | Minimal taxes, targeted subsidies | Heavy petroleum levy (~Rs80.61/L) |
| Exchange rate | OMR strong, stable (pegged) | PKR volatile, depreciating |
Global Factors Impacting Future Prices
The ongoing Iran‑US conflict has forced a reduction in Oman’s oil exports, as the Strait of Hormuz — through which Gulf oil passes — has been partially closed since February 2026. In April 2026, Oman made a deliberate policy choice to hold fuel prices steady despite rising international oil costs, absorbing the difference through government subsidies.
Oman’s inflation rose 2% in February 2026 year‑on‑year, accelerating to 3.6% in March. Prices for housing, water, electricity, gas, and other fuels are being monitored closely, although fuel price caps have helped contain broader inflationary pressures.
Conclusion
Oman represents a fascinating middle ground in Gulf energy policy. It lacks the immense hydrocarbon wealth of Saudi Arabia or the UAE, yet it has managed to balance fiscal sustainability with consumer protection. The January 2016 partial deregulation was a pivotal moment one that reduced subsidy burdens without causing social unrest.
For Pakistani readers, the contrast is stark. While Pakistan’s fuel consumers pay among the highest prices in the region due to heavy taxation and import dependency, Oman’s integrated oil sector and targeted social protection system keep pump prices low for citizens and residents alike.
According to my analysis, For the foreseeable future, Omani drivers will continue to enjoy some of the cheapest petrol in the Gulf region but the system is not static. As Vision 2040 progresses, further subsidy reforms are likely, gradually aligning domestic prices more closely with international market realities.
Frequency Asked Question
As of 20 April 2026, the retail price of Octane-95 petrol stood at OMR 0.24 per litre, equivalent to USD 0.62. For comparison, the average price of petrol worldwide at that time was USD 1.42 per litre.
It varies widely per country (Global Petrol Prices, 2026):
World average: $1.41
USA: $1.13
UK: $1.93
Germany: $2.40
India: $1.08
Pakistan: $1.51
In Europe the Netherlands recorded the highest price at €2.46 per litre, while outside Europe Hong Kong was the most expensive at €2.90 (approx. $2.98) per litre
As of 20 April 2026, the global average petrol price was $1.42 per litre, but could be much higher in your country
These are generally oil-rich nations with heavy subsidies (Visual Capitalist, 2026):
Libya: $0.09 per gallon
Iran: $0.11 per gallon
Venezuela: $0.13 per gallon
Angola: $1.24 per gallon
Kuwait: $1.28 per gallon
Brent is the world’s most important benchmark for crude oil prices, used to price about two-thirds of all internationally traded crude
In terms of proven reserves, Venezuela holds the largest at 303 billion barrels
Since February 2026, Asian buyers, particularly Japanese refiners, have aggressively outbid others for US crude to replace disrupted Middle Eastern supplies
Futures are derivative contracts; the four main types are Commodity, Currency, Interest Rate, and Stock Index Futures
As of May 2026, the current petrol prices in Oman are 229 baisa per litre (M91) and 239 baisa per litre (M95). Diesel is priced at 258 baisa per litre. These rates have been unchanged since April 2026.
Since January 2016, Oman has moved to a monthly price adjustment system to align domestic fuel prices with international oil markets. A government committee reviews global crude prices and refined product benchmarks before setting the next month’s rates.
Yes. Oman still provides subsidies on fuel, but they are now targeted through the National Subsidy System (NSS). Omani citizens with registered vehicles can apply for a subsidy card that entitles them to lower pump prices.
Oman’s petrol is approximately 6.8 times cheaper than in Pakistan. A 50‑litre refuel in Oman costs about 12 OMR (≈₨2,670 PKR), while the same amount in Pakistan costs roughly ₨18,300 PKR. The huge gap stems from Oman’s domestic oil production (over 1 million bpd) versus Pakistan’s 83% import dependency.
