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Worst may be over for fertilizer, gas and LNG prices, say government sources
The government believes “the worst may be over” with respect to high fertiliser, gas and spot liquid natural gas (LNG) prices, government officials aware of the matter told CNBC-TV18.
Fertiliser subsidy for FY24 may settle around Rs 1500 billion, if not lower, the officials said. Notably, fertiliser subsidy for FY23 was seen at Rs 2150 billion compared to the Rs 730 billion budget estimate.
Notably, the Sensex and Nifty ended at record closing highs on November 28 led by oil and gas stocks. Except metals, all sectoral indices ended in the green with oil and gas stocks up 1.5 percent.
Russia’s invasion of Ukraine in February has upended the fertiliser market. But India has managed to tide over the initial challenge. The country has nimbly tackled rising costs although the subsidy outgo remains a concern
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