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Rise in oil prices not seen impacting India’s fiscal deficit for now – source

The recent rise in global oil prices should not immediately impact India’s fiscal deficit for the fiscal year 2023/24, a senior government source said Tuesday.

Oil prices rose to 10-month highs this month before easing, on extended production cuts from key suppliers Saudi Arabia and Russia.

India, the world’s third-largest energy importer, purchases more than 80% of its crude oil from international markets.

The Indian government does not see allocations to oil marketing firms move beyond the budgeted 300 billion rupees for the fiscal year 2023/24, the source added.
Source: Reuters (Reporting Nikunj Ohri and Sarita Chaganti Singh, editing by Ed Osmond)

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