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India sees fuel sale losses down on weak crude prices

Published January 9, 2015 Updated January 9, 2015 06:58am

1 min

By Parvez Jabri

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NEW DELHI: India expects falling crude prices to cut its revenue losses on fuel sales to 770 billion rupees ($12 billion) in the current fiscal year ending March, from an earlier estimate of 850 billion rupees, Oil Secretary Saurabh Chandra said on Friday.

State-owned oil companies sell crude and refined products to state refiners at discounted rates to partly compensate them for losses on fuel sales at regulated prices.

Chandra said revenue losses could go down further as oil prices are easing.

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