Asian premium is an extra amount levied by the Organization of the Petroleum Exporting Countries (Opec) from Asian countries above the actual selling price. India has repeatedly pressed oil producers to eliminate this premium and even asked for an ‘Asian discount’ instead. Saudi Arabia has now reduced the premium to $3.5 per barrel from around $10 in the past year, the person said.
“Some suppliers are giving discounts; some are charging a premium, and you buy less from them. Currently, the premium is $3.5 per barrel. Saudi is levying the premium on the OSP (oil selling price). The United Arab Emirates (UAE) is not charging," the person said on condition of anonymity.
“Imports have already declined. Both the public and private sector will buy oil from wherever they get it cheapest," the person added.
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