India’s diversified crude and product basket was one reason that helped India in avoiding the Saudi Aramco crisis.

Concerns over the price and supply of oil, sparked by the recent terror strikes on Saudi Aramco’s oil infrastructure, have now subsided, Petroleum Minister Dharmendra Pradhan said on Thursday. Oil marketing companies will now see the price of petrol and diesel coming down soon.

On Thursday, petrol price dropped by 10 paise to Rs 74.51 a litre and diesel by 6 paisa to Rs 67.43 a litre in Delhi, the first reduction since September 8. “At present, there are no concerns. The world has averted a big crisis,” Pradhan said on the sidelines of the India Economic Summit. Sanjiv Singh, IndianOil Corporation chairman, said, “The price in India has started coming down from today. After the attacks on Saudi facilities, product prices were also affected. Gasoline (petrol) and diesel price had gone up.”

India’s diversified crude and product basket was one reason that helped India in avoiding the Saudi Aramco crisis. Because of the shortfall in supply from Saudi Aramco, India was staring at a liquefied petroleum gas (LPG) supply crisis in states like Maharashtra, Karnataka, Punjab and Goa.