Oil price slump may cut govt's revenue losses on fuel sales, says oil secretary

The government expects falling crude oil prices to cut its revenue losses on fuel sales to Rs 77,000 crore ($12 billion) in the ongoing 2014-15 financial year, from an earlier estimate of Rs 85,000 crore, Oil Secretary Saurabh Chandra said on Friday.

State-run 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 global oil prices are easing.

(Reuters)