State public revenues at RO 7.1 billion

MUSCAT: The State’s public revenue at the end of July 2023 stood at RO 7.183 billion, down by 10 per cent compared to RO 8.003 billion registered over the same period in 2022, according to the Fiscal Performance Bulletin published by the Ministry of Finance on Monday.

At the end of July 2023, net oil revenue amounted to RO 3.714 billion, down by 3 per cent when compared to RO 3.827 billion registered over the same period in 2022. Average oil price amounted to $83 per barrel and average oil production reached 1,058,000 barrels per day.

Further, net gas revenue amounted to RO 1.329 billion at the end of July 2023, down by 35 per cent when compared to RO 2.056 billion registered over the same period in 2022. This is due to the deduction of gas purchase and transport expenses from total revenue collected from the Integrated Gas Company.

By the end of July 2023, current revenue registered RO 2.132 billion, up by 1 per cent when compared to an amount of RO 2.107 billion collected over the same period in 2022.

Public spending by the end of July 2023 amounted to RO 6.481 billion, down by RO 503 million, i.e. 7 per cent compared to actual spending over the same period in 2022.

Meanwhile, current expenditure at the end of July 2023 amounted to RO 4.836 billion, down by RO 594 million, i.e. 11 per cent when compared to an amount of RO 5.430 billion registered over the same period in 2022.

By the end of July 2023, development expenditure of ministries and government units reached RO 491 million, representing 55 per cent of total development spending, i.e. RO 900 million, allocated for 2023.

As far as total contribution and other expenses are concerned, they reached RO 854 million by the end of July 2023. The oil product subsidy and other sectors subsidy amounted to RO 180 million and RO 11 million, respectively. The State’s Budget by the end of July 2023 registered a surplus of RO 702 million compared to a surplus of RO 1.019 billion achieved over the same period in 2022. — ONA