Saudi Arabia Hikes Crude Oil Surcharge 10-Fold, India Faces Rs 15/Litre Price Hike

• Saudi Aramco has increased the 'surcharge' on crude oil prices by up to 10 times for May, impacting Asian and European countries.
• For India and other Asian countries, the additional charge on Saudi Light Crude has surged 8-fold from $2.5 to $19.5 per barrel.
• This hike could lead to a Rs 10-15 per liter increase in petrol and diesel prices in India, exacerbating inflation and transport costs.
• Saudi Arabia is leveraging its East-West pipeline amid the Iran war, bypassing the Strait of Hormuz, to profit from high demand and low supply.
• India, which imports 15-18% of its oil from Saudi Arabia, may seek more crude from Russia, utilize Strategic Petroleum Reserves, or engage in diplomatic talks.