Saudi Aramco has cut propane prices for August delivery by $5 a ton, Mubasher reported.
Propane contract prices now stand at $370 per ton for August delivery, compared to $375 in July.
The price provides a benchmark against which Middle East sales of liquefied petroleum gas (LPG) to Asia are priced.
Late year, the Saudi company set propane prices for July 2018 delivery at $555 a ton, according to Reuters.
Saudi Aramco recently awarded 34 contracts worth a total $18 billion for the engineering, procurement, and construction of the Marjan and Berri increment programs. The aim is to increase Marjan and Berri oilfields’ production capacity by 550,000 barrels per day (b/d) of Arabian Crude Oil and 2.5 billion standard cubic feet per day (bscf/d) of gas.