• Oman

    • Oman’s Public Revenues Stand at RO 1.14 Billion by End of January 2024

    By on March 14, 2024
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    State Public Revenues Stand at RO 1.14 Billion by End of January 2024

    Muscat: The State’s public revenues till the end of January 2024 recorded a rise by 3% to stand at RO 1.014 billion compared to RO 982 million during the corresponding period in 2023.

    This rise is attributed mainly to the surge in current revenues by 132%.

    Net oil revenue till the end of January 2024 dropped by 1%, registering RO 595 million compared to RO 602 million by the end of January 2023. The average oil price stood at USD 90 per barrel and the average oil production stood at 1,040,000 barrels per day.

    Further, net gas revenues by the end of January 2024 went down by 48% to stand at RO 135 million compared to the corresponding period in 2023.

    Collected current revenues by the end of January 2024 increased by RO 161 million to stand at RO 283 million compared to RO 122 million collected during the same period in 2023. This rise is attributed mainly to the increase on government investments (RO 200 million).

    Public expenditure till the end of January 2024 stood at RO 929 million, up by RO 92 million (11%) compared to the same period in 2023.

    The public expenditure of civil ministries stood at RO 680 million (down by RO 19 million) compared to RO 699 million during the corresponding period in 2023.

    Development expenditure of ministries and civil units stood at RO 19 million, with a spending rate of 2% of the total development liquidity allocated for 2024 (RO 900 million).

    The total of contribution and other expenses amounted to RO 121 million, comprising a surge by 227% compared to RO 37 million during the same period in 2023.

    Subsidy for the Social Protection System and petroleum products till the end of January 2024 stood at RO 47 million and RO 26 million, respectively.

    Transfers for the loan payment item stood at RO 33 million. The state budget recorded a surplus of RO 85 million by the end of January 2024, compared to a surplus of RO 145 million registered over the period in 2023. – ONA

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