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Oman to Double Gas Prices From Jan 1

Source: Reuters 12/7/2014, Location: Middle East

Oman's Ministry of Oil and Gas will double gas prices charged to cement companies from Jan. 1, two firms said in separate statements.

Oman Cement warned the price rise would increase its costs next year by 6.63 million rials ($17.22 million) in a filing to Muscat's bourse.

Raysut Cement confirmed gas prices would double next year, forecasting in a bourse statement that this would raise its gas costs by 4.5 million rials. It did not specify over which time period this amount referred to, but is likely to mean 2015.

Oman Cement said the ministry will raise prices at the start of every year at rates specified by the ministry.

Raysut made a similar statement, although it said gas prices would rise by 3 percent per year or by rates specified by the ministry.

Oman Cement said it had appealed against the price rise. ($1 = 0.3850 Omani rials)

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