New Delhi: The government would be forced to deregulate diesel prices if global crude touches $150 to $160 a barrel, Kaushik Basu, chief economic adviser in the ministry of finance said on Thursday.
Brent crude was at $114.82 a barrel on Thursday. Barring a price hike to that extent, he said diesel deregulation was not inevitable.
Basu has repeatedly favoured a hike in diesel prices but the government has kept deregulation on hold due to its impact on inflation and anger of the voters.