Oman's cabinet approved in principle a series of spending cuts and tax rises to cope with the damage to state finances from low oil prices, state news agency ONA reported on Wednesday.

"The council of ministers approved a number of procedures to face the impact of lower oil prices in order to ensure the sustainability of the financial situation of the state," ONA said.

"The most important of these actions include a reduction in government spending, and the development of non-oil revenues by raising tax rates on profits of corporations, reviewing and raising fees on some government services, and adjusting prices of petroleum products in line with global prices of these products starting from mid-January 2016."

It added: "To mitigate some of the impact of these procedures, the general authority for consumer protection has been ordered to monitor prices to ensure there are no unjustified increases that exceed the direct impact of these procedures."

ONA did not give any details of the tax and petroleum product price rises. Last week the Shura Council, a top advisory body to the government, voted to raise the 12 percent corporate tax rate to 15 percent. -Reuters