NEW DELHI, March 22 India's state-run oil firms were suffering a daily revenue loss of 4.08 billion rupees on selling fuel at cheaper rates, the finance head of a state-run oil company said on Tuesday, as local prices have not been revised in line with global oil prices.
In June 2010, India gave freedom to state oil firms to fix petrol prices but continued to set prices diesel, cooking gas and kerosene rates to protect the poor and rein in inflation.
The federal government partly partly compensates state oil firms for selling fuel at cheaper rates.
Global crude oil prices are hovering over $100 a barrel, fuelled by unrest in Libya and natural disaster in Japan.[O/R]