India’s oil import bill may fall further in the remaining period of the current fiscal with Saudi Arabia looking at giving discount in crude it sells to Asian Buyers.
Analysts tracking the development said that the benchmark Dubai prices of oil have fallen and so have the gross refining margins. If this holds, a 10-20 cents per barrel discount on Saudi light crude would be available from December onwards.
The development is positive for India that imports maximum oil from Saudi Arabia after Iraq. Any discount on oil prices is expected to set the ball rolling for cheaper oil imports from other oil producing countries as well.
India imports 85 per cent of its domestic oil requirements. So any change in oil prices results in big savings for the country.
