Saturday 04 / May / 2024
Muscat: The State’s public revenues till the end of February 2024 recorded a decline by 9 percent to stand at OMR1.958 billion compared to OMR2.148 billion during the corresponding period in 2023.
This is attributed mainly to the decline in the net oil and gas revenue.
The fiscal performance bulletin issued by the Ministry of Finance showed that the net oil revenue till the end of February 2024 dropped by 4 percent, registering OMR1.102 billion compared to OMR1.153 billion by the end of February 2023. The average oil price stood at $86 per barrel and the average oil production stood at 1,024,000 barrels per day.
Moreover, the net gas revenue by the end of February 2024 went down by 46 percent to stand at OMR281 million compared to the corresponding period in 2023. This is attributed to a change in the procedures of collecting gas revenue.
Collected current revenues by the end of February 2024 increased by OMR102 million to stand at OMR573 million compared to OMR471 million collected during the same period in 2023. This increase is mainly attributed to the receipt of returns from the Investment Authority’s profits, recording approximately OMR200 million Omani, collected last January.
Public expenditure till the end of February 2024 stood at OMR1.751 billion, down by OMR25 million (one percent) compared to the same period in 2023.
The public expenditure of civil ministries stood at OMR1.277 billion (down by OMR17 million) compared to OMR1.294 billion during the corresponding period in 2023.
Development expenditure of ministries and civil units stood at OMR93 million, with a spending rate of 10 percent of the total development liquidity allocated for 2024 (OMR900 million).
The total of contribution and other expenses amounted to OMR231 million, comprising a surge by 75 percent compared to OMR132 million during the same period in 2023. Subsidy for the Social Protection System and petroleum products till the end of February 2024 stood at OMR93 million and OMR44 million, respectively. Transfers for the loan payment item stood at OMR66 million.
The state budget recorded a surplus of OMR207 million by the end of February 2024, compared to a surplus of OMR372 million registered over the same period in 2023.
