State public revenue till May 2024 stand at over RO 5 billion

Muscat: The State’s public revenue at the end of May 2024 amounted to RO 5,075 million, down by 7% compared to RO 5,463 million registered over the same period in 2023. This is mainly due to a decrease in hydrocarbon and non-hydrocarbon revenues, according to the Fiscal Performance Bulletin issued by the Ministry of Finance.

At the end of May 2024, the net oil revenue amounted to RO 2,740 million, down by 2% compared to RO 2,810 million registered over the same period in 2023. The average realized oil price amounted to US$ 82 per barrel and average oil production reached 1,006 thousand barrels per day.

The bulletin indicated that the net gas revenue at the end of May 2024 amounted to RO 763 million, down by 24% compared to RO 1,003 million registered over the same period in 2023. This is due to the deduction of gas purchase and transport expenses from the total revenue collected from Integrated Gas Company.

The current revenue at the end of May 2024 amounted to RO 1,562 million, down by RO 82 million compared to RO 1,644 million registered over the same period in 2023.

Meanwhile, the public spending at the end of May 2024 amounted to RO 4,724 million, down by RO 158 million, i.e. 3% compared to the actual spending of RO 4,882 million registered over the same period in 2023.

At the end of May 2024, the current expenditure of civil ministries amounted to RO 3,340 million, down by RO 25 million compared to RO 3,365 million registered over the same period in 2023.

The development expenditure of ministries and government units at the end of May 2024 amounted to RO 430 million, representing 48% of total development spending, i.e. RO 900 million, allocated for 2024.

At the end of May 2024, total contributions and other expenses amounted to RO 754 million, up by 11% compared to RO 678 million registered over the same period in 2023.

As for the social protection system subsidy, oil products subsidy and transport sector subsidy, they amounted to RO 233 million, RO 137 million, and RO 30 million, respectively, by the end of May 2024. Furthermore, an amount of RO 166 million was transferred to future debt obligations budget-item.