Saudi Arabian Oil Co. (Saudi Aramco) hiked its November contract prices for propane by $10 a ton month-on-month (MoM) to $635 a ton.
| Month | Value (Dollar\Ton) | Change |
|---|---|---|
| 2024 January | 620.00 | 10.00 |
| 2024 February | 630.00 | 10.00 |
| 2024 March | 630.00 | 0.00 |
| 2024 April | 615.00 | (15.00) |
| 2024 May | 580.00 | (35.00) |
| 2024 June | 580.00 | 0.00 |
| 2024 July | 580.00 | 0.00 |
| 2024 August | 590.00 | 10.00 |
| 2024 September | 605.00 | 15.00 |
| 2024 October | 625.00 | 20.00 |
| 2024 November | 635.00 | 10.00 |
Similarly, Aramco raised butane contract prices by $10 a ton MoM to $630 a ton for the same month.
| Month | Value (Dollar\Ton) | Change |
|---|---|---|
| 2024 January | 630.00 | 10.00 |
| 2024 February | 640.00 | 10.00 |
| 2024 March | 640.00 | 0.00 |
| 2024 April | 620.00 | (20.00) |
| 2024 May | 585.00 | (35.00) |
| 2024 June | 565.00 | (20.00) |
| 2024 July | 565.00 | 0.00 |
| 2024 August | 570.00 | 5.00 |
| 2024 September | 595.00 | 25.00 |
| 2024 October | 620.00 | 25.00 |
| 2024 November | 630.00 | 10.00 |
Prices are based on a free-on-board (FOB) basis from the Port of Ras Tanura.
Aramco's prices are 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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