The monthly diesel price hikes of 40-50 paise a litre are likely to continue as the new government is keen to cut the subsidy bill, reports news agencies quoting a top Oil Ministry official .The previous United Progressive Alliance government had decided in January 2013 to increase diesel prices in small monthly doses until the difference between the retail price and the cost of production is bridged.The next price revision is due on Saturday. State-owned Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp currently lose 4.41 rupees on every litre of the fuel sold.The loss, which is made good through government subsidy,has been on a declining trend since March, when it stood at 8.37 rupees a litre.The oil firms, which skipped the monthly hike in April, raised diesel prices by 1.09 rupees a litre soon after the Lok Sabha elections ended on May 12.