NEW DELHI: India’s state-owned fuel retailers are losing nearly 6 billion rupees ($63 million) daily despite price increases, a government official said on Monday, hours after diesel and petrol prices were raised for the fourth time this month to recoup losses driven by higher crude costs.
Government revenue has also been hit by 140 billion rupees ($1.47 billion) per month due to excise duty cuts on petrol and diesel, the official told a media briefing.
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