Fuel sale losses should go down on weak crude prices: govt

Revenue losses to come down to Rs 77,000 crore from Rs 85,000 crore earlier

The government expects falling crude prices to cut its revenue losses on fuel sales to Rs 77,000 crore ($12 billion) in the current fiscal year ending March, from an earlier estimate of Rs 85,000 crore, 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.

($1 = 62.4050 rupees)