Bad news for the aam aadmi. Oil firms hiked the price of diesel on the same day the govt allowed them to set its price. Indian Oil Corporation increased the price of diesel by Rs 45 paisa a litre while cut petrol price cut by 25 paisa per litre. The price revision has come into effect from midnight last, that is from Thursday-Friday midnight. This is considered a bold reforms decision by the govt. On Thursday it partially deregulated diesel price, allowing a hike of 40-50 paise a litre per month for retail customers and nearly Rs 11 for bulk consumers. It is feared that this step will have a cascading effect on inflation.
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