New Delhi: Finance Secretary Arvind Mayaram said on Thursday he hoped diesel subsidy would be wiped out soon and prices would become market-determined if current global oil prices hold.
India regulates prices of diesel, liquefied petroleum gas, and kerosene to keep them in check for the masses.
Brent crude oil slipped below $102 a barrel on Thursday, near a 14-month low, on evidence of plentiful fuel supplies and Chinese economic data pointing to slowing demand.
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Updated Date: Aug 21, 2014 15:50:08 IST