Finmin to assume oil price at below $50 in Union Budget
The Finance Ministry reportedly said that the oil price assumption for 2016-17 Budget will be below USD 50 as crude oil prices is expected to remain subdued next year as well.
A report stated that this will be much lower than the assumption of crude oil price of USD 70 a barrel for the Budget for the ongoing financial year, 2015-16.
“Whether it will be USD 47, 45 or 42 that’s anybody’s guess. The exact number will be worked out nearer to Budget,” FinMin reportedly said.
The Budget proposals are slated to be presented to Parliament on February 29. It will take effect from April 1.
Read full article: India Info Line
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