India’s fuel retailers to lose US$26.6 billion

India’s state-run fuel retailers will lose Rs1.22 trillion (US$24.6 billion) in the current financial year due to the gap between government-mandated oil product pricing and the cost of crude oil. Oil Minister Jaipal Reddy explained to India’s lawmakers the reasons for the continuing rise in the prices of diesel fuel, cooking gas and kerosene in June. He said that the increase was inevitable. (August 4, 2011)