Will the price of petrol and diesel increase or decrease? India has reduced buying crude oil from Saudi Arabia
Will the price of petrol and diesel increase or decrease? India has reduced buying crude oil from Saudi Arabia
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New Delhi: Petrol and diesel prices are increasing every day in the country and the prices remain at their high levels. Meanwhile, India's two major oil refinery companies are going to reduce the purchase of crude oil from Saudi Aramco in May. Saudi Aramco, the world's largest crude oil company, has recently increased crude oil prices for Asia.

After this, these prices have reached record high levels in various regions of Asia. In such a situation, at least two Indian refinery companies have planned to buy less crude oil from Saudi Aramco in May. However, Reuters has reported, citing sources, that the two refinery companies will still buy a certain amount of crude oil from Saudi Aramco under their annual agreement. But this will be less than the normal purchase done in the month of May. Let us tell you that India is the third largest oil importing country in the world. India currently buys most of the oil in West Asia from Iraq and Saudi Arabia.

Not only this, another reason for reducing India's oil purchase from Saudi Arabia is also the cheap crude oil from Russia. After Russia and Ukraine war, Russia has offered crude oil to India at a very low price (huge discount). Despite pressure from America and Western countries, India has continued to buy crude oil from Russia and has described it as a matter of its 'national interest'.

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