Oman to hike fuel prices, taxes

Oman's government will hike fuel prices, charges for public services and corporate taxes in the face of falling oil prices, the official ONA agency reported Wednesday.

Non-OPEC Oman is the latest Gulf state to announce austerity plans amid falling oil revenues that have lead to big budget deficits.

"The council of ministers has approved a number of measures to face the consequences from the drop in oil prices and to ensure fiscal sustainability," ONA cited a cabinet statement as saying.

"These measures include reducing government spending and boosting non-oil revenues through raising taxes on corporate profits, increasing charges on some public services and amending fuel prices to be in line with international levels as from mid-January," the statement said.