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The government on Thursday warned of “implications” due to rising crude prices and fall in exchange rate saying that it may have to reassess pricing formula for LPG subsidy.
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“LPG, Kerosene subsidy could overshoot budget estimate by Rs 12,000 crore,” said a government official.
The official added that the government will consider its revenue position before taking any decision on excise relief for petrol and diesel.
Crude oil prices continued to hold above $78 a barrel. According to Saudi Arabia, the crude oil prices should be $80 a barrel or higher.
On Thursday, the oil prices firmed with Brent crude creeping ever closer to $80 per barrel, a level it has not seen since November 2014, as supplies tighten while demand remained strong.
Brent crude futures were at $79.32 per barrel at 0027 GMT, up 4 cents from their last close.
First Published: May 17, 2018 10:05 AM IST