<div>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.</div><div> </div><div>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.</div><div> </div><div>Chandra said revenue losses could go down further as oil prices are easing.</div><div> </div><div><div>India has raised factory gate duties on petrol and diesel by 2 rupees ($0.03) a litre to fund infrastructure projects in the current and next fiscal years.</div><div> </div><div>The increase, the third since Prime Minister Narendra Modi lifted diesel price controls in October, seeks to cash in on lower world oil prices to bolster strained government finances without stoking inflation.</div><div> </div><div>The higher excise duties came into effect from January 2.</div></div><div> </div>
