Energy shock from West Asia puts India’s FY27 Budget under strain - The HinduBusinessLineSENSEX 71,947.55 -1,635.67NIFTY 22,331.40 -488.20CRUDEOIL 9,859.00+ 54.00GOLD 146,635.00+ 994.00SILVER 237,643.00+ 8,682.00SENSEX 71,947.55 -1,635.67NIFTY 22,331.40 -488.20NIFTY 22,331.40 -488.20CRUDEOIL 9,859.00+ 54.00CRUDEOIL 9,859.00+ 54.00GOLD 146,635.00+ 994.00'; } document.getElementById("lgdv").innerHTML = htmlElements; } function numberformat(i) { return Number(parseFloat(i).toFixed(2)).toLocaleString('en', { minimumFractionDigits: 2 }) } async function gatherResponse(response) { const { headers } = response; const contentType = headers.get('content-type') || ''; if (contentType.includes('application/json')) { return await response.json() } return response.text(); } function getWidth() { if (Math.max(document.body.scrollWidth,document.documentElement.scrollWidth,document.body.offsetWidth,document.documentElement.offsetWidth,document.documentElement.clientWidth) > 991) { document.getElementById("mob").style.display = "none"; document.getElementById("lgdv").style.display = "block"; } else { document.getElementById("mob").style.display = "block"; document.getElementById("lgdv").style.display = "none"; } } getWidth();]]>The West Asia conflict has triggered a sharp surge in crude and gas prices, significantly complicating India’s fiscal calculations for FY27, an ICRA report says. With Brent and the Indian crude basket rising steeply, and LNG prices nearly doubling, subsidy burdens for Fertilizer and LPG are set to overshoot Budget allocations. ICRA estimates that the Fertilizer subsidy alone could exceed the Budget by ₹400 billion. Elevated crude prices may also force excise duty cuts, risking significant revenue losses. Meanwhile, tax and dividend inflows from petroleum companies could weaken as refining margins shrink. Key facts.Published on March 31, 2026Sign into Unlock benefits!Access 10 free stories per monthAccess to comment on every storySign up/Manage to our newslettersGet notified by email for early preview to new features, discounts & offers${ ind + 1 } ${ device }Last active - ${ la }