Saudi Arabia took a big decision, India will get a 'tremendous advantage', will there be a change in petrol-diesel prices?

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Saudi Arabia has taken a big step in the global oil market by reducing the premium on crude oil to 3.50 dollars a barrel. By last year, Saudi Arabia was charging a premium of around 10 dollars on crude oil. The decision will have a ripple effect on the global oil market and its consumers. With this decision, the government of India will now get a big advantage in the purchase of crude oil. So now it is hoped that this will reduce the price of Petrol-Diesel (Patrol Diesel) and give relief to the people.

Saudi took this step because of Russia?

It is being speculated that Saudi Arabia has taken this step to counter the cheap crude it is getting from Russia. With the reduction in Asian premium, India will now get crude oil from Saudi Arabia at a lower price than before. Saudi Arabia is the third largest oil exporter to India after Russia and Iran.

India has always been against this premium

Asian premium is the additional price charged by OPEC countries over the original price of crude oil from Asian countries. India had always pressured the crude oil producing countries not to charge this premium. Not only this, India always demanded an Asian discount from the OPEC countries. While many countries are giving discounts on crude oil and charging some premium, the country buying crude oil is giving preference to the cheapest deal.

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