The government’s petroleum subsidy allocation for the next financial year must be between Rs 37,000 crore and Rs 50,000 crore taking into account expected levels of average crude oil prices and the exchange rate, experts say.
“Considering the exchange rate to be around Rs 72 and crude oil prices to average around $65 per barrel the government should allocate Rs 50,000 crore as petroleum subsidy for financial year 2019-20,” said K Ravichandran, Senior Vice President at ICRA.
The government had budgeted for an overall petroleum subsidy of Rs 24,933 crore for financial year 2018-2019, a mere 1.93 per cent increase over Revised Estimate of Rs 24,460 crore allocated for 2017-2018. Read More
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