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News Brief | February 2016

Finance Ministry to assume oil price at below $50 in Budget

The Finance Ministry likely to peg the notional value of crude oil price below $50 a barrel while computing the subsidy numbers and fiscal deficit in the Budget 2016-17. This will be much lower than the assumption of crude oil price of $70 a barrel for the Budget for the ongoing financial year, 2015-16.

¨The oil prices assumption for 2016-17 Budget will be below $50 as crude oil prices is expected to remain subdued next year as well,¨ official sources said.

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