(MENAFN) Oman Cement's said that its costs are expected to increase by USD5.45 million in 2015 due to the government plans to increase the price of gas, Gulf Business reported.
Oman Cement said the proposed gas price increases, which will be effective Jan. 1 and will increase every year at rates specified by the Ministry of Oil and Gas, said that it would try to minimize the impact of the higher gas prices by improving productivity, restructuring its own pricing and reducing other costs.
These cost increases are the result of Oman's government decided to impose spending cuts and tax rises, including an increase on liquefied natural gas exports, as the country tries to cope with the falling oil prices, which has negatively affected its revenue.
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