Union Budget 2012-13 will estimate the crude oil price of the Indian basket to average above $110 a barrel in 2012-13 as against $90 dollar a barrel set in the current fiscal, an assumption that led to a higher-than-expected subsidy outgo, officials familiar with the matter said. The finance ministry had to sanction an additional R45,000 crore in oil subsidies this fiscal, taking the total disbursal to thrice the budgeted R23,640 crore. Higher crude prices also boosted the fertiliser subsidy bill, which is likely to cross R95,000 crore as against the budgeted figure of R50,000 crore.
Source: Financial Express
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