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Riyadh: Saudi Aramco, the largest supplier of liquefied petroleum gas to Asia, cut prices of cargoes loading in September from August after global crude oil benchmarks fell.
The Dhahran, Saudi Arabia-based company reduced the price of propane cargoes by $60, or seven per cent, to $800 a metric tonne, said a company official who asked not to be identified. Aramco lowered the price of butane by $50, or 5.6 per cent, to $840 a tonne.
Crude oil futures on the New York Mercantile Exchange reached a record $147.27 a barrel on July 11, and since then have dropped more than 19 per cent.
Aramco sells LPG under one-year contracts and as individual cargoes for immediate delivery. The cargoes are sold free-on- board, requiring the buyers to pay for shipping costs.
LPG, a by-product of oil refining and crude oil and natural gas output, is used for heating, cooking and as a motor fuel. LPG is also used as an alternative to naphtha for processing into petrochemicals.
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