Crude jump: Subsidies unlikely to overshoot budget estimate

Crude jump: Subsidies unlikely to overshoot budget estimate

India’s oil import bill will jump due to rise in crude prices following lower output call by OPEC as well as a steep fall in the rupee, but the oil subsidy burden is unlikely to cross the budget estimate of Rs 17,000-19,000 crore this year, says a report.

The oil import will rise by $4 billion through the rest of the fiscal year if crude remains at $55 a barrel level, said the report by credit rating agency Icra

his will see the annual gross under-recoveries (GURs) on subsidised LPG and kerosene increase by Rs 1,200-1,500 crore for the current fiscal, Icra Corporate Sector Ratings head K Ravichandran said. Read More…

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