Government likely to reassess pricing for LPG subsidy; warns of implications of rising crude oil prices
Updated : May 22, 2018 01:16 PM IST
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.
“LPG, Kerosene subsidy could overshoot budget estimate by Rs 12,000 crore,” said a government official.
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 remains strong.