Muscat,
The State’s public revenues till the end of February 2024 recorded a decline by 9% to stand at RO 1.958 billion compared to RO 2.148 billion during the corresponding period in 2023.
This rise 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%, registering RO 1.102 billion compared to RO 1.153 billion by the end of February 2023. The average oil price stood at USD 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% to stand at RO 281 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 RO 102 million to stand at RO 573 million compared to RO 471 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 RO 200 million Omani, collected last January.
Public expenditure till the end of February 2024 stood at RO 1.751 billion, down by RO 25 million (1%) compared to the same period in 2023.
The public expenditure of civil ministries stood at RO 1.277 billion (down by RO 17 million) compared to RO 1.294 billion during the corresponding period in 2023.
Development expenditure of ministries and civil units stood at RO 93 million, with a spending rate of 10% of the total development liquidity allocated for 2024 (RO 900 million).
The total of contribution and other expenses amounted to RO 231 million, comprising a surge by 75% compared to RO 132 million during the same period in 2023. Subsidy for the Social Protection System and petroleum products till the end of February 2024 stood at RO 93 million and RO 44 million, respectively. Transfers for the loan payment item stood at RO 66 million.
The state budget recorded a surplus of RO 207 million by the end of February 2024, compared to a surplus of RO 372 million registered over the same period in 2023.
