MUSCAT: The monthly bulletin issued by the Ministry of Finance showed that total general revenues as at the end of October 2021 posted an increase of 28.1% and stood at OMR 8 billion and 332.7 million, compared to OMR 6 billion and 502.8 million during the corresponding period in 2020.

This was due to the recovery of oil prices, coupled with a rise in demand for fuel, with oil prices averaging $58.89 by the end of October 2021 and leading to 35.4% increase in oil revenues to around OMR 4 billion and 443.3 million. Meanwhile, gas revenues also soared by 50.6% and posted OMR 1 billion and 697.9 million.

The Ministry pointed out that current revenues also rose by 40.8% by the end of October 2021 to OMR 2 billion and 128.9 million, compared to OMR 1 billion and 512.5 million during the corresponding period in 2020.

The bulletin indicated that public spending maintained a moderate rate, standing at OMR 9 billion and 339.2 million as against OMR 9 billion and 216.5 million.

The major change occurred in State Budget deficit, which dropped significantly by a hefty 62.9% to OMR 1 billion and 6.5 million by the end of October 2021, compared to OMR 2 billion and 713.7 million during the corresponding period in 2020.