The Cabinet Committee on Political Affairs on Thursday approved a hike in diesel price by Rs. 5 per litre at a meeting at the PM’s residence in New Delhi. RS Butola, chairman of Indian Oil Corporation Ltd told NDTV that the company is committed to cutting petrol prices whenever possible. "Diesel accounts for 53 per cent of total subsidies. Oil companies are running a deficit of Rs 6000 crore every month. By reducing excise duty on petrol, we have brought down the gap between the prices between petrol and diesel. A narrow margin between petrol and diesel will be good for economy. If prices of petrol fall internationally, we will pass on the benefits," he added.