Times of Oman - January 13, 2016

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FROM THE WORDS OF HIS MAJESTY THE SULTAN

Speech of His Majesty at the opening of the 5th term of the Majlis Oman, 2011

‘His Majesty’s Wisdom’ We affirm the need for these good traits and high values to be instilled in our youth from a young age, at home, in school, mosque, club and other educational and nurturing incubators so it will act as a fence protecting them from falling into the abyss of intruding ideas that call for violence, extremism, hatred, fanaticism, being opinionated and nonacceptance of the others, as well as other extreme ideas and opinions that lead to the tearing up of the society, draining its vital powers and leaving it in ruins and utter destruction, God forbid.

WEDNESDAY, January 13, 2016 / 3 Rabi Al Thani 1437 AH timesofoman.com

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BAHRAIN

HM receives thanks cable MUSCAT: His Majesty Sultan Qaboos bin Said has received a cable of thanks from His Majesty King Hamad bin Issa Al Khalifa of Bahrain, in reply to His Majesty’s congratulatory cable on the occasion of the 44th National Day of Bahrain. >A6

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Oman’s natural treasure OIL PRICE DIP

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Fuel hoarding can prove fatal, warn officials Government officials have warned people

‘Companies to skip pay hikes, bonuses’

against hoarding petroleum products in anticipation of prices rising in the

REJIMON K

reji@timesofoman.com MUSCAT: Companies are skipping paying bonuses and slashing the percentage of increments, as Oman’s government tightens spending due to the global oil price dip, a top banking official confirmed. “Companies are finding ways to reduce costs due to the decline in oil prices. We are already hearing that companies have skipped paying bonuses, and slashed percentage of increments paid,” the banking official said. A senior official from a construction company said that with the market dipping all over Oman, the chances of bonus looked bleak. “There is a very

little chance of salary hikes or bonuses,” said Mohammad Kabir Ahmed, managing director of United Dreams LLC. However, he also said people are optimistic about the market improving in the next few months, which is when companies might be able to pay bonuses and other increments. Cost reduction Meanwhile, an Oman Chamber of Commerce and Industry (OCCI) official said even though he had not come across any such cases, he said companies would be forced to adopt multiple steps to reduce costs, such as scaling back increments and skipping bonuses in 2016, as it would be a tough time economically for them. >A6

TOP THREE INSIDE STORIES

OMAN

OMAN

MARKET

Rainfall expected in northern Oman

Oman will emerge from difficult times

MSM at 5-year low as gloom deepens

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Several areas in northern Oman are likely to receive rainfall on Wednesday and Thursday, according to the Public Authority for Civil Aviation (PACA) Meteorology Department, which monitors weather conditions. >A2

The tightening of purse strings by the Sultanate of Oman has ruffled many feathers, but those who have seen the country pulling out through difficult times on many occasions in the past say it is the right time to payback. >A3

Falling crude oil prices started pulling down the local bourse with the share prices touching a fiveyear low. Muscat Securities Market (MSM) touched 5,289.34 points on Tuesday, shedding 48.1 points. >B1

future, as these products need special storage facilities

FAHAD AL GHADANI REJIMON K

fahadnews@timesofoman.com reji@timesofoman.com MUSCAT: ‘Don’t risk your life by hoarding fuel to save a few baisas’, a top official from the Public Authority for Civil Defence and Ambulances (PACDA), has told the public 48 hours ahead of a hike in the price of fuel. From Friday, the price of super unleaded petrol is set to rise from 120 baisas to 160 baisas per litre; for regular petrol it will increase from 114 baisas to 140 baisas per litre and diesel will rise from 146 baisas to 160 baisas per litre. The move is part of a government strategy to cushion its fiscal budget, which is struggling to cope with the global oil price dip. “The difference in the fuel prices is not a big issue, especially for individuals. It is not at all worth risking lives and property in the name of saving a few baisas,” said the PACDA official. “It’s not safe to

A POWDER KEG: For the first time in 17 years, the price of petrol in Oman is finally set to increase.

store such flammable substances at homes, gardens or even farms,” the source added as a number of fire accidents had occurred in the past as a result of people storing fuel at home or in farms. For the first time in 17 years, the price of petrol in Oman is finally set to increase, by a full third for super unleaded, pushing the Sultanate’s rank from the ninth cheapest fuel provider in the world to the 13th. The new price will be in place until the end of the month, which will be revised every month, depending on the global situation. The PACDA official said that special handling and appropriate storage facilities are needed to store fuel, otherwise it can cause serious accidents. “Even though we spread awareness among the public about the

danger of handling fuel carelessly, there are still many fuel station workers, who violate our instructions and supply fuel to customers neglecting the safety requirements issued by us,” the PACDA official added. According to the official, for those who buy fuel for their fishing and tour boats and farmers to run motors, clear directions given out by PACDA should be followed and pre-approved containers for fuel storage should be used. Mark Pudwell, business development and training manager at Competence HR, said stockpiling fuel or any other flammable liquid is extremely dangerous given that these liquids require special handling and appropriate storage facilities to mitigate the chances of serious incident and possible injury or death. >A6


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