India’s state-controlled refiners face heavy financial losses for the 2013-14 fiscal year to 31 March after the gov-ernment cut their subsidies to try and trim the country’s fiscal deficit.The finance ministry wants refiners IOC, Hindustan Petroleum and Bharat Petro-leum to book losses from selling fuel at below-market prices of around 37bn rupees($613mn),nearly four times more than a year earlier.
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