Pitching for decontrol of diesel prices, Chief Economic Advisor Kaushik Basu today suggested the government can start the process through a “gentle” rise in rates before leaving it open to market forces.

“Most people make the mistake of thinking decontrol means one huge price hike. Decontrol can mean a gentle price rise and then onwards it floats up and down,” he told a private television news channel.

He, however, said, “Full decontrol will not happen. At this point of time, it is going to cause such a jolt which we are not in position to take. A partial decontrol of diesel is likely.”

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