High oil price: India staring at fuel subsidy burden up to Rs 53,000 crore

High oil price: India staring at fuel subsidy burden up to Rs 53,000 crore

With global crude oil prices hovering at record high levels, India is staring at a ballooning of fuel subsidies up to Rs 53,000 crore in the current financial year ending March 2019. State-owned Oil and Natural Gas Corp (ONGC) and Oil India (OIL) may have to bear a large part of the burden impacting their financials, according to Moody’s Investors Service.

Govt may not lower duties on fuel

Govt may not lower duties on fuel

The government on Friday indicated that it may not lower duties on fuel immediately, a move that will mean that pump prices for petrol and diesel may keep rising in line with rising global crude oil prices, while pushing up India’s oil import bill by $25-50 billion during the current financial year.

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