Saudi Arabia is grappling with the formidable task of reinventing its economy, steering away from the dependence on oil that has long defined its financial landscape.
Saudi Arabia has decided against raising crude supplies for March delivery to Asian consumers while raising the prices for other US and Europe based consumer markets, the report said.
An IANS report on Monday that cited sources said, Saudi Arabia, world’s largest oil producer, has finally acknowledged the rising concerns in the Asian market that includes top five major consumers markets i.e. China, India, Japan and Korea.
This simply means that even though the prices of crude oil may continue to rise from the present levels of $60 a barrel, Asian market would continue to get discounts over the prevailing price.
This latest devolvement will bring the much needed relief to the Indian market, especially at a time when auto fuel prices have risen to historic high levels with petrol nearing unprecedented level of Rs 100 a litre in Mumbai and Kolkata.
On Monday, petrol price in Chennai, Delhi, Kolkata and Mumbai was at Rs 89.39 a litre, Rs 86.95 per litre, Rs 88.30 per litre, and Rs 93.49 a litre respectively.
Similarly, diesel was at Rs 82.33 a litre in Chennai, Rs 77.13 per litre in Delhi, Rs 80.71 per litre in Kolkata and Rs 83.99 a litre in Mumbai.
The price stability would also prevent the Indian government from cutting excise duty on the auto fuels at a time when Centre’s revenue is stressed due to disruptions caused by the Covid-19 pandemic.