Oman market: how rising prices are hitting our pockets

In the span of a few months – since the drop of fuel prices in 2015 – Oman witnessed an increase in the price of food, water, electricity, gas and even housing (real estate).

Farah al Riyami, an analyst who aids in preparing data says: “Oman is expected to see a rise in salaries next year. The rise is expected to be between 3.9 and 4.3 per cent. But, several companies will freeze salaries (not bringing about any change).

“The current market situation is tough, sure. But, people are going to be taking the brunt of this because they have a fixed income and the prices of goods and commodities – not just petrol and diesel – are fluctuating, consistently.

“This instability means more people are confused over their future in the country. Still, there is hope as new laws dictating the payment of salaries on time are expected to begin taking effect,” she adds.

Talking to us, P Sadhashivan, the project manager for a leading telecommunciations company in Oman, says: “It is strange how I have barely been able to save any money ever since November 2015.

“Since then, my rent went up by RO50, the prices of groceries shot up marginally and so has the school fees of my three children.”

Sadhashivan says that he now must “find” an extra RO144 every year for the tuition fees of his children.

“Times are tough, and the schools have also gone on to increment the fee. I am not sure if it is because the teachers have received a raise. I highly doubt that. I would really like to know where all this money is going. It’s hurting our monthly savings very much.

“Also, the rent for my two-bedroom flat, in Wadi al Kabir, has increased by RO50. This has not brought us any change in our living conditions,” he points out.

Christopher, a Scottish resident in Oman, says that he can’t see the benefit of working in Oman anymore.

He says: “The inflation rate is quite low in Oman but so are the salaries. It’s funny how no one takes that into account. I used to pay RO450 for my flat, in Seeb, but now have to give RO590. The change took place in November of 2016 and the rent has remained the same ever since.

“My wife, who compiles all the household expenses, says that we are also paying more than RO100 in groceries now. We’re not buying any more goods than we did before but it seems as if the prices across several outlets have increased.”

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