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 USD 102 a barrel on Thursday, near a 14-month low, on evidence of plentiful fuel supplies and Chinese economic data pointing to slowing demand.
