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(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 …