Cheap crude oil is being available for Asian countries from Saudi Arabia instead of Russia, prices of petrol and diesel will fall.
Instead of taking crude oil from Russia, India is now taking oil from Saudi Arabia. This is because oil purchase figures reached a low in December 2023. Due to payment problems, Indian refinery companies distanced themselves from Russian oil. However, Petroleum Minister Hardeep Singh Puri cited discount as the reason.
Minister Hardeep Singh says that we will buy cheap oil from wherever we get it. India has many options for cheap crude oil. Let us tell you that the purchase of oil from Saudi Arabia is increasing instead of Russia and it has started giving special treatment to India.
Saudi Arabia is giving oil at a cheap rate
Saudi Arabia has made crude oil cheaper for Asian countries. Saudi state oil company Saudi Aramco has reduced the prices of Arabian Light crude. India is benefiting from the reduction in the price of crude oil. Saudi Arabian company Aramco has cut the price of crude oil by $ 2 per barrel for February shipment. Earlier, the company had reduced the price of crude oil by $ 1.5 per barrel for January loading.
India's economy is growing rapidly
India's economy is running at a fast pace. India is being considered as the engine of growth for the global economy. The economy here is growing at the speed with which India is becoming a global supply chain. Hence, its crude oil consumption is going to increase further. In such a situation, Saudi Arabia does not want to let go of a customer like India.
Fall in prices of petrol and diesel
The price of cheap crude oil from Saudi Arabia will affect the price of petrol and diesel. There is a possibility of reduction in the prices of petrol and diesel in the coming days. Reduction in oil prices means reduction in inflation. Let us tell you that there has been no change in the price of petrol and diesel in India since May 2022. In such a situation, India is going to benefit from the reduction in the price of petrol and diesel.
Oil prices in metropolitan cities like Delhi-Mumbai
city Petrol Diesel
Delhi 96.72 89.62
Mumbai 106.31 94.27
Kolkata 106.03 92.76
Chennai 102.73 94.33
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