Arun Jaitley announces deregulation in diesel price

New Delhi, Oct 18: The government has decided to deregulate the price of

, Finance Minister

announced on Saturday.

"Price of diesel will be linked to the market, and therefore, depending on whatever is the cost involved, is the cost element consumers will have to pay," Jaitley told the media here.

Jaitley said that in Delhi, the price of diesel is expected to go down by Rs. 3.37 from midnight.

"Over the last 5 years, the (diesel) prices have increased (by) almost 50 paise every month because there is a reduction in the international crude prices while we are linking it to the market price. The price today would stand reduced," Jaitley said.

IANS