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Your question is ........ whether it is a right move.?
My question is from whose perspective?
If you ask from the P.O.V of the ministers and bureaucrats, well it is not the best move. Because they want to tax the common people in order to make up the fiscal deficit created by their own corruption and wrong policies and deceiving accounting. So, by confusing the nation on profit and loss of oil imports and refining bill, they want to hike the prices of petro products. They never agree to have a clean paper of accounting of the oil pricing policy .
Now from the P.O.V of common people, the answer is an obvious YES.
From the P.O.V of those who are not much hit by this price hike,, there should be strict vigilance of domestic cylinders not diverted to commercial arena and the subsidy continued.