Diesel price comes down in 7 years

New Delhi, Sept 9: In a breakthrough in the

-inflicted Indian

, the

of Diesel prices has come down in 7 years. The global crude price has dropped below $100 a barrel for the first time in more than a year.

This is a ray of hope, particularly in the wake of rising food prices due to patchy monsoon. This in turn would boost the revival prospects as central banks may ease their interest-rate stance at the next monetary policy announcement.

This follows after the government was considering freeing up diesel prices as subsidy has was narrowed by incremental, monthly price increases, reports the Economic Times.

A senior official of an oil PSU said,"If this downward trend in international oil prices continues and the rupee appreciates even marginally, there will be over-recovery from this month. We intend to pass this to customers."

OneIndia News