“There are no plans to cap the retail fuel prices in Oman. Even if the crude prices recover, the retail fuel prices will not be capped,” said Ahmed Al Haddabi, vice-chairman of Shura economic panel. While the strengthening price of oil will help the Sultanate's finances but the government has removed the petrol subsidy, letting the market dictate the cost at the pump. Following the dip in global oil prices, Oman had deregulated its oil prices in January this year as part of austerity measures aimed at plugging the budget deficit. Fuel subsidies for 2015 were estimated to be OMR580 million, and with deregulation the government will be able to save that money, which is expected to be a great help in reducing the deficit. (Times of Oman)