Market Chatter: Saudi Aramco Hikes April LPG Prices to Japan by 38% as War Squeezes Global Supply

MT Newswires Live04-09 11:12

Japanese wholesalers have been notified by Saudi Aramco that Middle Eastern liquefied petroleum gas exports will see a significant cost surge in April, with the increase expected to elevate household propane bills across Japan starting in May, Nikkei Asia reported on Thursday.

The state energy producer set the shipment price for heating propane at $750 per metric ton, a sharp jump of $205 from the previous month and the steepest level recorded in roughly three years, the publication said.

Petrochemical feedstock butane experienced an even larger spike, climbing 48% to reach $800 per metric ton amid the ongoing strain on global availability driven by the Iran conflict, the news agency said.

Aramco bases its monthly LPG export rates on crude benchmarks and fuel supply trends, keeping prices closely tied to broader energy market shifts since the gas is a byproduct of oil and gas extraction, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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