Fluctuating diesel prices will affect economy: Ex Union Min

Former Union Minister S Jaipal Reddy today said fluctuating diesel prices will have cascading effects on the country's economy and as a result, prices of goods may go up.

"Diesel price hike may lead to increase in price of all goods. It has cascading effect. There is a chance that inflationary pressure may go up. It would push the prices up," Reddy told reporters here.

"No body can control the (prices in the) country at that time. Now BJP is not able to control prices. Even after we come into the power (in the next elections) it will be difficult for us also," he said.

He said once prices go up, once Inflationary forces take the reins of the economy and it would take lot of time to bring them under control.

Reddy alleged thatBJP was hurting the economy of the country and except for corporates and big businessmen, there is "nobody" who show mercy on poor and common people in the government.