Saudi discount to only partially transmit in product prices: IOC chief

According to Sanjiv Singh, chairman of Indian Oil Corporation, each rupee depreciation results in Rs 2,500 crore of more outgo on crude oil import

India is likely to gain $5-6 a barrel in oil import after Saudi Arabia offered a discount on its official selling price (OSP) for Asia. 

However, a substantial portion of this will be neutralised by the fall in rupee value and government taxes on petroleum products. The crude oil impact on prices of petrol and diesel would be 40-50 per cent of the total price. The Indian crude oil basket fell to $34.52 a barrel after the fall in global prices, more than half the $71 it averaged in April 2019. The rupee's value has, however, depreciated. A dollar is now