Diesel price likely to be cut by Rs 2.50/litre soon

Diesel price is likely to be cut by close to Rs 2.50 a litre, the first reduction in more than four years, after code of conduct for assembly elections is lifted.

"You know there is election code of conduct... We will take the right decision at the right time," Oil Minister Dharmendra Pradhan said.

Diesel is a government controlled commodity on which oil companies started to make maiden profit only last month. But since election code of conduct had come into place, a cut in prices necessitated by the sharp drop in oil prices was put off.