Crude oil at $80 a barrel: How this will impact Modi govt’s fiscal maths

Crude oil at $80 a barrel: How this will impact Modi govt’s fiscal maths

Soon after global crude oil prices hit $80 a barrel, the government said it expected an increase of $25-50 billion in the import bill for 2018-19. That could lead to an oil import bill of $130-155 billion. India’s crude oil import bill for 2018-19 was estimated at $105 billion, according to the petroleum ministry’s Petroleum Planning and Analysis Cell (PPAC).

Govt non-committal on excise duty cut on petrol, diesel

Govt non-committal on excise duty cut on petrol, diesel

Rising global oil prices may push up India’s import bill by up to USD 50 billion, impacting current account deficit, but would have little effect on growth, Economic Affairs Secretary Subhash Chandra Garg said today even as he remained non-committal on cutting excise duty to ease the burden on consumers.

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