The share price of Asian Paints dropped over 6 percent on Friday on worries that the paint maker's operational performance may take a hit due to the surge in crude oil prices.

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At 1156 IST, shares of Asian Paints were down 4.9 percent at Rs 2,729.6 on BSE. The stock has been losing for the last three days and has fallen 15 percent during the period.

Asian Paints is an oil user and uses crude oil derivatives as a raw material to manufacture paint.

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Lately, crude oil prices have been climbing amid Russia's invasion of Ukraine. Fear of supply disruptions from key exporter Russia, in an already very tight market, has sent oil prices spiralling upwards.

A report said that Saudi Arabia, the world’s largest oil exporter, could raise its official selling prices for Asia for April as buyers scramble to secure additional crude from the Middle East amid the Russia-Ukraine war.

On Thursday, Brent crude futures, the international benchmark for oil, climbed to $120 a barrel before falling on hopes the US and Iran will agree soon to a nuclear deal that could add output to a badly undersupplied market.

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After gaining 30 percent in the last four days, there is some profit-taking coming in crude oil and the reason for profit-taking was the sentiment shift as the Iran nuclear deal seems to be coming to a conclusion and the markets do believe that 1 million barrels per day of export could be coming in from Iran in the global markets.

Brent crude oil futures for May delivery on the InterContinental Exchange were trading 0.7 percent higher at $111.28 per barrel at the time of writing this copy.

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