Business Rising oil prices, weakening rupee will impact the economy, say officials Updated : May 31, 2018 08:49 AM IST As of May 14, Indian crude basket is close to $75, while the average price of crude for the Indian basket in the current fiscal is $71 as of May 17. Government officials have indicated to CNBC-TV18 that the "LPG subsidy formula may have to be reassessed", in the light of these factors. Rs 1 cut in excise on petrol and diesel is likely to cost the exchequer Rs 13,000 crore for full fiscal. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.