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Crude price to fall as Asia club wins premium deal.

Asia Africa Intelligence Wire

| September 14, 2004 | COPYRIGHT 2003 Financial Times Ltd. (Hide copyright information)Copyright

(From The Economic Times)

Byline: Soma Banerjee

: India has joined Japan, China and Korea to aggressively bring down the price of crude imported from the Middle East.

The hard bargain by this "buyer's forum" has come at a time when rising crude prices have caused concerns on the inflation front. This has resulted in the Asian premium - additional tag on the crude India pays for its oil imports from Middle East countries - finally showing signs of tapering down. The reduction in the premium on crude will give a breather to the government which is struggling to keep inflation under check.

The Asian premium can go up to $1.60 per barrel. It …

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