Govt should balance act post diesel price hike: Ex oil secy

After allowing oil companies to raise diesel price, the government will have to do a balancing act of generating revenue and protecting common man's interest, said R. S Pandey, former Oil secretary.

He further told CNBC-TV18 the government is definitely concerned about the impact on consumers and hence the hike is in a phased manner for which the time frame is not decided.

Oil companies who have been crying foul about huge under-recoveries will not see the impact of the hike in FY13 as the year has almost come to a close.  Oil companies will see a significant reduction in losses in FY14, he said.