Despite surge, India face no change in crude prices from SA

New Delhi: The oil diplomacy by India has paid dividend with the world's largest oil producer, Saudi Arabia, deciding against raising crude supplies for March delivery to Asian consumers, while raising the prices for other major consumers in the US and Europe.

Sources said that Saudis have finally acknowledged the concerns in the Asian market that hosts four of the top five consumers including India, China, Japan and Korea.

What this means is that even though crude prices may rise higher from the present levels of $60 a barrel, India, along with other Asian consumers, would continue to get discounts over the prevailing price.

For India, the decision by Saudi Arabia would not have come at a more opportune time, as petrol and diesel prices have risen to historic high levels.