Saudi Aramco Increases Prices for Propane and Butane
In a bold move, the Saudi Arabian Oil Co., commonly known as Saudi Aramco, announced on Wednesday that they have raised the official selling price for propane by $10 per tonne and butane by $5 a tonne compared to the previous month. This decision was revealed through an official statement issued by the company.
For the month of August, the Official Selling Price (OSP) for propane has been set at $590 per tonne, while butane will be sold at $570 per tonne.
Propane and butane are both types of liquefied petroleum gas, each with its own unique boiling point.
LPG, which includes propane and butane, serves various purposes such as being used as a fuel for cars, for heating purposes, and as a crucial feedstock for other petrochemicals.
It is important to note that Aramco’s OSPs for LPG play a significant role as a key reference point for contracts involving the supply of the product from the Middle East to the Asia-Pacific region.