Saudi Arabian Oil Co. (Saudi Aramco) raised its February contract prices by $10 a ton month-on-month (MoM) to $630 a ton.
| Month | Value (Dollar\Ton) | Change |
|---|---|---|
| 2024 January | 620.00 | 10.00 |
| 2024 February | 630.00 | 10.00 |
Aramco also increased February butane contract prices by $10 a ton MoM to $640 a ton.
| Month | Value (Dollar\Ton) | Change |
|---|---|---|
| 2024 January | 630.00 | 10.00 |
| 2024 February | 640.00 | 10.00 |
Prices are based on a free-on-board (FOB) basis from the Port of Ras Tanura.
Aramco's prices are used as a benchmark for other Asian exporters since the company is the biggest exporter of liquefied petroleum gas (LPG) in Asia.
The oil giant sells propane and butane to local petrochemical companies, with a 20% discount compared to FOB Ras Tanura prices, based on the pricing rate applied since early 2017.
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