Indian state fuel retailers losing nearly 6bn Indian rupees daily despite price hikes

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.

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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.