Home Industry Economy Oman to start removing utility subsidies from January 2021 The subsidies for the electricity and water sector are about $1.95bn by Bloomberg December 20, 2020 Oman, which has one of the GCC’s largest budget deficits, will start removing electricity and water subsidies for the biggest consumers as soon as next month. Electricity subsidies will be removed completely by January 2021 for big consumers, including industrial, tourism, commercial and government entities. Utility tariffs will be raised gradually until the subsidies are completely lifted in 2025 and a national support system will be implemented to help low-income consumers. Oman has been hammered by the coronavirus pandemic as well as lower crude prices, forcing it to cut spending. The country also plans to impose a 5 per cent value-added tax from next year. The subsidies for the electricity and water sector are about $1.95bn, according to the 2020 budget. Tags Economy electricity Government Oman Subsidies Utilities Water 0 Comments You might also like Oil rebounds after two-day drop as traders weigh products, China Ajman issues 1,275 new business licences during Q1 2022 Saudi Arabia posts $15bn surplus on soaring oil income Saudi Aramco’s profit soars as oil prices and production jump
