The Government announced on Saturday that it would lift controls on diesel pricing with immediate effect, leading to an immediate fall in pump prices of nearly 6 per cent and easing the subsidy burden on Prime Minister Narendra Modi's government.<br /><br />"Henceforth, like petrol, pricing of diesel will be market determined," Finance Minister Arun Jaitley said after a cabinet meeting. <br /> The 3.37 Indian rupees ($0.05) a litre cut in prices of gasoil, triggered by falling global oil prices, will help ease inflation that has already fallen to a multi year low.<br /><br />"We have decided to reduce prices and in Delhi, prices are likely to go down by 3.37 rupees a litre from midnight tonight," said B. Ashok, chairman of Indian Oil Corp, the country's biggest fuel retailer.<br /><br />The move is likely to boost the role of private market players like Reliance Industries and Essar Oil in India's retail arena. <br /><br /><br /><br />For More information on this news visit : http://www.newsx.com/<br />Connect with us on Social platform at : http://www.facebook.com/newsxonline<br />Subscribe to our YouTube Channel : http://www.youtube.com/newsxlive
