Oman has set new selling prices for domestic gasoline and diesel fuels starting this month, state news agency ONA reported on Monday, as part of the the sultanate's subsidy reforms to cope with the damage to state finances from low oil prices.

The new price for gasoline 95 octane will be 0.160 rials ($0.4156) per litre, while the price for 90 octane will be 0.140 rials per litre. The price for diesel will be 0.160 rials per litre, ONA said. No changes in prices will be introduced to the jet fuel, it added.

The new prices will become effective starting from January 15, and will be reviewed monthly, ONA said.

Oman, a small oil exporter, has been hit hard by low oil prices. Last month, oil exporting giant Saudi Arabia, Oman's northern neighbour, announced its biggest economic shake-up in more than a decade, including spending cuts, subsidy reforms and a drive to raise revenues from taxes and privatisation. - Reuters