Saudi Aramco has slashed the November official selling price of Arab Light crude for Asian buyers by about $3 a barrel to a discount of $5 below the Oman/Dubai benchmark, the widest in over six years. The move aims to offset surging freight costs, but Indian pump prices are unlikely to fall soon due to high global crude, OMC margin recovery, and taxes.
Saudi Arabia Cuts Asian Oil Price to Six-Year Low
Source: Moneycontrol