Search form

You are here

  • Home
  • Saudi Aramco raises propane, butane prices for September


Saudi Aramco raises propane, butane prices for September

Propane and butane are types of liquefied petroleum gas with different boiling points. LPG is commonly used as a fuel for vehicles, heating, and as a feedstock for various petrochemicals. Reuters
Short Url

https://arab.news/8sz73

Updated 29 August 2024
Arab News
Follow

Saudi Aramco raises propane, butane prices for September

  • Official selling prices for propane rose by $15 per tonne from the previous month
  • Butane prices increased by $25 per tonne from August
Updated 29 August 2024
Arab News

RIYADH: The Saudi Arabian Oil Co., also known as Saudi Aramco, has raised the official selling prices for propane in September by $15 per tonne from the previous month, according to an official statement.

The company also increased butane prices by $25 per tonne from August. Aramco’s September OSP for propane is now $605 per tonne, while butane is priced at $595 per tonne.

Propane and butane are types of liquefied petroleum gas with different boiling points. LPG is commonly used as a fuel for vehicles, heating, and as a feedstock for various petrochemicals.

Aramco’s OSPs for LPG are used as a benchmark for contracts supplying the product from the Middle East to the Asia-Pacific region.

In winter, the demand for propane rises significantly due to its use in heating homes, which can lead to higher prices if supply struggles to keep up.

Such fluctuations are a normal part of the market and are expected during colder months. The increase in prices reflects the basic economic principle of supply and demand, with higher demand resulting in higher costs.

Topics: energy Saudi Aramco propane butane gas Aramco

Related

Business & Economy
Saudi Aramco, Sumitomo Chemical waive $1bn debt for Petro Rabigh
Business & Economy
Aramco raises Arab Light crude prices to Asia

Egypt's annual inflation rises to 13.5% in April: CAPMAS 

Updated 4 sec ago
Mohammed Al-Kinani 
Follow

Egypt's annual inflation rises to 13.5% in April: CAPMAS 

Updated 4 sec ago
Mohammed Al-Kinani 

JEDDAH: Egypt’s annual inflation rose to 13.5 percent in April from 13.1 percent the previous month, driven by higher prices across key sectors including healthcare, transport, and housing, official data showed.  

According to data released by the Central Agency for Public Mobilization and Statistics, or CAPMAS, the monthly consumer price index rose 1.3 percent to 253.8 points, up from 250.6 in March.  

The data indicates continued inflationary pressures across essential sectors, affecting households nationwide, as Egypt grapples with the compounded impact of currency devaluations, ongoing subsidy reforms, and external shocks to global food and fuel prices. 

The healthcare sector recorded the sharpest monthly gains, rising 7.7 percent, with prices of medical products and equipment surging 11.4 percent. Outpatient services rose 2.1 percent, while hospital services increased 1.6 percent, according to CAMPAS data. 

Transport costs climbed 7.5 percent on the month, led by an 8.6 percent jump in private transport spending and an 8.2 percent increase in transport services. The cost of purchasing vehicles rose 1.3 percent. 

Housing, water, electricity, gas, and fuel prices increased 2.8 percent. Electricity, gas, and fuel prices alone climbed 6.7 percent, while actual rent increased by 1.1 percent and home maintenance and related services rose by 1.0 percent. 

Food and beverage prices declined 1.2 percent on a monthly basis, providing some relief to consumers. The decline was led by a 3.5 percent drop in meat and poultry, a 0.6 percent fall in dairy, cheese, and eggs, a 0.1 percent decrease in oils and fats, and a steep 5.1 percent drop in fruit prices.  

However, prices in several other categories within the food segment increased. Cereal and bread prices rose 0.5 percent, fish and seafood increased by 1.7 percent, vegetables gained 1.2 percent, sugar and sugary foods edged up 0.4 percent, and other food products rose 1.2 percent.  

Coffee, tea, and cocoa prices rose 0.4 percent, while mineral water, carbonated beverages, and natural juices were up 1.5 percent. 

The restaurants and hotels category posted a 4.1 percent increase in April, as ready meal prices climbed 4.2 percent and hotel services rose 1.5 percent. Cultural and entertainment services prices rose 0.7 percent, including a 15.6 percent increase in costs tied to leisure and recreational services. The clothing and footwear division saw a 1.7 percent increase, with prices of garments, accessories, and cleaning services all moving higher.  

Furniture and household equipment prices increased by 1.1 percent, while miscellaneous goods and services climbed 2.2 percent, driven largely by a 2.4 percent rise in personal care expenses and a 4.3 percent increase in prices of personal luggage items.

Topics: CAMPAS Egypt Inflation

Related

Business & Economy
Egypt’s non-oil business activity weakens in April; Lebanon’s PMI ticks higher
Middle-East
UAE, Egypt sign MoU in ‘significant milestone’ for Arab space cooperation

Jordan’s exports to GAFTA countries rise 12.2%

Updated 23 min 57 sec ago
Reem Walid
Follow

Jordan’s exports to GAFTA countries rise 12.2%

Updated 23 min 57 sec ago
Reem Walid

RIYADH: Jordan’s exports to countries in the Greater Arab Free Trade Area rose 12.2 percent year on year to 515 million Jordanian dinars ($726 million) by the end of February, amid strong demand for key goods.

According to official statistics reported by the Jordan News Agency, or Petra, the rise from 459 million dinars in the same period of 2024 was driven by increased shipments of fertilizers, medicines, and fresh and frozen agricultural products. Additional contributors included skincare items, food preparations, and furniture, as well as fabrics, garments, and other goods.

The latest trade data aligns with broader optimism about Jordan’s economic outlook, with Central Bank Governor Adel Sharkas saying in March that the country's economy is projected to grow 2.7 percent in 2025, accelerating to 3.5 percent in the medium term.

“Foreign trade data from the Department of Statistics (DoS), monitored by ‘Petra,’ showed a decline in the Kingdom’s (Jordan’s) trade deficit with the GAFTA countries for the same period, reaching JD348 million, compared to JD369 million against last year,” the Petra report stated.

Established in January 2005, GAFTA operates as an economic alliance with the objective of promoting trade and economic unity among Arab nations. Comprising 18 member states, GAFTA is dedicated to bolstering regional trade by lowering customs tariffs.

GAFTA imports into Jordan also climbed, rising 4.2 percent to 863 million dinars from 828 million dinars, bringing the total trade volume to 1.37 billion dinars—up from 1.28 billion dinars a year earlier.

Jordan’s imports primarily include crude oil and its derivatives, jewelry, and food products. Other major import categories are plastic items, titanium dioxide, and polyethylene, as well as polystyrene, iron, and various other goods.

Saudi Arabia remained Jordan’s top regional trade partner, accounting for 141 million dinars in exports — a 6.8 percent rise—and 519 million dinars in imports, resulting in a bilateral deficit of 378 million dinars.

Iraq followed with 136 million dinars in Jordanian exports, up 15.3 percent, while trade with Syria surged to 35 million dinars — a 483.3 percent jump from the previous year.

In March, Sharkas shed light on how inflation in Jordan reached 2.2 percent in the first two months of this year and is expected to stabilize at 2 percent for 2025.

Topics: Jordan exports

Related

Business & Economy
Fitch affirms Jordan at ‘BB-’ with stable outlook as reform momentum builds 
Middle-East
Jordan’s tourism sector surges in first quarter of year with 19% rise in visitors, 8.9% revenue boost

Saudi industrial output rises 2% in March on strong manufacturing gains 

Updated 11 May 2025
MIGUEL HADCHITY 
Follow

Saudi industrial output rises 2% in March on strong manufacturing gains 

Updated 11 May 2025
MIGUEL HADCHITY 

RIYADH: Saudi Arabia’s industrial production index rose 2 percent year on year in March 2025, driven by strong growth in manufacturing, particularly in the chemical and food industries, official data showed. 

The IPI increased to 106.5 in March from 105.4 in February, reflecting a 1.1 percent rise on a monthly basis, according to preliminary data from the General Authority for Statistics. 

The manufacturing sub-index registered a 5.1 percent annual increase in March compared to the same month in 2024. This growth was supported by a 14.3 percent uptick in the manufacture of chemicals and chemical products and the manufacture of food products, which increased by 6.9 percent. 

The data underscores continued momentum in the Kingdom’s non-oil industrial base, a key pillar of the Vision 2030 economic diversification strategy. 

In a release, GASTAT stated: “On a monthly basis, the sub-index of manufacturing activity showed an increase of 2.9 percent, supported by the rise in the activity of the manufacture of chemicals and chemical products, which increased by 7.2 percent, and the manufacture of food products which increased by 12.4 percent.” 

Mining and quarrying activity, which includes crude oil extraction, slipped 0.2 percent year on year in March. Saudi Arabia produced 8.96 million barrels of oil per day during the month, slightly down from 8.97 million bpd a year earlier. On a monthly basis, mining activity ticked up 0.1 percent. 

Other sectors showed mixed performance. The output of non-metallic mineral products increased 6.1 percent year on year, while the basic metals segment fell 6.6 percent but edged up 1.4 percent from February. 

The production of electrical devices grew 4 percent year on year but declined 1.1 percent month on month. 

The paper and paper products segment saw a 1 percent annual increase and a 0.6 percent rise from the previous month. Furniture output contracted 15.7 percent year on year but rose marginally, by 0.2 percent, on a monthly basis. 

Other economic activities within the manufacturing sector grew by 0.4 percent year on year and 0.3 percent month on month. 

Meanwhile, the electricity, gas, steam, and air conditioning supply sub-index dropped 0.9 percent year on year and 7.7 percent month on month. In contrast, water supply, sewerage, and waste management activities surged 15 percent annually and 3.7 percent from February. 

Overall, oil-related industrial activities rose 0.5 percent annually and 0.1 percent monthly in March. Non-oil activities, which encompass manufacturing and utilities, expanded 5.6 percent year-on-year and 3.3 percent month on month. 

The Industrial Production Index measures changes in industrial output based on the International Standard Industrial Classification framework, covering mining, manufacturing, utilities, and waste management sectors. 

Topics: GASTAT manufacutring ipi

Related

Business & Economy
Saudi Arabia’s real GDP grows 2.7% in Q1: GASTAT 
Business & Economy
Saudi industrial output rises in Feb. on manufacturing gains: GASTAT 

Saudi Aramco profit rises to $26bn in Q1 amid strategic growth push 

Updated 11 May 2025
Nirmal Narayanan 
Follow

Saudi Aramco profit rises to $26bn in Q1 amid strategic growth push 

Updated 11 May 2025
Nirmal Narayanan 

RIYADH: Energy giant Saudi Aramco reported a stronger-than-expected first-quarter net profit of SR97.54 billion ($26 billion), highlighting resilience amid weaker oil prices and reinforcing its focus on efficiency and diversified strategic growth. 

The net income marked a 16.42 percent increase in the first three months of 2025 from $22.34 billion in the previous quarter, although it was down from $27.27 billion a year earlier. The company’s overall revenue in the first quarter stood at SR405.65 billion, marking a 3.23 percent quarter-on-quarter increase. 

The oil giant cited disciplined capital spending, robust operations, and continued downstream expansion as key drivers of its performance. 

In a statement, Amin H. Nasser, CEO of Saudi Aramco, said: “Global trade dynamics affected energy markets in the first quarter of 2025, with economic uncertainty impacting oil prices.”  

He added: “In this context, Aramco’s robust financial performance once again demonstrated the company’s unique scale, its reliability and flexibility, the value of its low-cost operations, and its emphasis on efficiency and advanced technology.”  

The company’s operating cash flow reached $31.7 billion, down from $33.6 billion in the first quarter of 2024, while free cash flow stood at $19.2 billion.  

Aramco’s capital expenditures rose to $12.5 billion as the company continued to invest in long-term strategic projects, including lower-carbon initiatives. 

Nasser said Aramco will continue working to meet global energy demand by advancing growth across its upstream, downstream and new energy segments, while also focusing on reducing emissions. 

“Our ambition is reflected in milestones already announced in 2025, including progress toward our gas production growth target, our global retail expansion, the advancement of our petrochemicals strategy, headway in blue hydrogen business development, and further innovation in carbon capture,” he added.  

Aramco’s board declared a base dividend of $21.1 billion for the first quarter, up 4.2 percent from the same period a year earlier. It also announced a performance-linked dividend of $219 million, to be paid in the second quarter. 

“In volatile times, Aramco’s resilience underpins both our financial performance and our sustainable and progressive base dividend,” added Nasser.  

Aramco also highlighted progress on several fronts in line with its long-term diversification strategy. The company finalized the acquisition of a 50 percent stake in Blue Hydrogen Industrial Gases Co. and signed definitive agreements to acquire a 25 percent interest in Unioil Petroleum Philippines, strengthening its position in blue hydrogen and downstream retail, respectively. 

In addition, Aramco launched a pilot facility for direct air capture of CO2, a move aimed at scaling up its carbon capture technology and supporting the Kingdom’s emissions-reduction goals.

Topics: Aramco Oil energy

Related

Business & Economy
Saudi Aramco lowers propane, butane prices for May
Business & Economy
Saudi Aramco discovers 14 new oil, gas fields

Global investors to convene for Future Hospitality Summit

Updated 11 May 2025
Nadin Hassan
Follow

Global investors to convene for Future Hospitality Summit

  • Industry leaders will explore innovative investment models and strengthen partnerships
Updated 11 May 2025
Nadin Hassan

RIYADH: More than 1,000 tourism innovators, global investors and hotel operators from around the world will join government officials in Riyadh for the 2025 edition of the Future Hospitality Summit.

Scheduled for May 11–13 at the Mandarin Oriental Al Faisaliah, the three-day event will revolve around the theme “Where Vision Shapes Opportunity,” featuring a dynamic agenda of panel discussions, investment showcases, and high-profile deal signings.

Organized by The Bench, the 2024 edition of FHS Saudi Arabia resulted in over $1.1 billion in business opportunities and 17 major deals, reaffirming the event’s status as one of the region’s most impactful dealmaking platforms.

The 2025 summit, held alongside strategic partners such as NEOM, Red Sea Global, Taiba Investments, and the Tourism Development Fund, comes as Saudi Arabia advances one of the world’s most ambitious tourism and hospitality strategies. 

Backed by a $110 billion development pipeline, the Kingdom aims to deliver more than 362,000 new hotel rooms by 2030.

In 2023 alone, the hospitality sector contributed SR444.3 billion ($118.4 billion) to the national gross domestic product.

Industry leaders at FHS 2025 will explore innovative investment models, address talent development needs, and strengthen partnerships aligned with Vision 2030’s mission to diversify the economy and establish Saudi Arabia as a premier global destination for business, culture, and religious tourism.

“FHS Saudi Arabia continues to be a key engine for hospitality investment and 2025 is shaping up to be no exception,” Jonathan Worsley, chairman of The Bench told Arab News. 

“With over 1,000 delegates expected in Riyadh, including an expanded pool of investors, we anticipate a strong uplift in deal volume and a substantial wave of new opportunities. While it’s difficult to quantify exact outcomes, all signs point to another record-breaking year.”

According to Worsley, over a dozen agreements have already been confirmed ahead of the summit.

“Last year, 17 major agreements were signed at FHS Saudi Arabia and we’re well on track to exceed that number this year. We anticipate total deal value to surpass previous records driven by significant projects and opportunities across both primary hubs and emerging destinations such as Aseer, Al-Ahsa,” he said. 

Worsely added:“The partnerships forged at FHS Saudi Arabia will further elevate Saudi Arabia’s global hospitality positioning.” Riyadh, Jeddah, Makkah, and Madinah continue to serve as key investment hubs, while interest grows in mixed-use developments, branded residences, and eco-luxury projects.

Worsely said: “There’s strong demand for distinctive, high-end products — from fine dining and leisure assets to mixed-use developments that blend hospitality, retail, and culture.”

He added: “Our summit is not merely a forum for discussion — it’s a marketplace where investors meet opportunities. Every panel discussion and networking session is engineered to move the conversation forward.”

The 2025 agenda will also debut two new platforms: the “NextGen Investment Forum,” focused on addressing workforce development in the hospitality sector, and the second edition of “Startup Den,” spotlighting early-stage companies driving innovation.

Saudi Arabia’s tourism sector is experiencing rapid growth, with international arrivals reaching 30 million in 2024, with a target of hitting 70 million by 2030, according to a Ministry of Tourism press release.

Revenue from international tourists surged 148 percent in 2024 compared to 2019 — the highest growth rate among G20 nations. 

Saudi Arabia is undergoing one of the most ambitious hospitality and tourism transformations the world has ever seen.

Duncan O’Rourke Accor’s, CEO for the Middle East, Africa and Asia Pacific

An annual performance report published in April highlighted record-breaking pilgrim numbers, cultural milestones, and major international events, all driven by strategic investments, regulatory reforms, and transformative mega-projects. 

“Fueled by ambitious Vision 2030 goals, Saudi Arabia’s tourism sector presents a compelling investment landscape, evidenced by its record-breaking SR444.3 billion GDP contribution in 2023, accounting for 11.5 percent of the national economy,” Oussama El-Kadiri, partner and head of hospitality, tourism and leisure at Knight Frank said in a statement.

He added: “This growth reflects the Kingdom’s strategic initiative to position itself as a leading global tourism destination.”

Hospitality operators are swiftly expanding their presence to match the sector’s growth, with Accor — one of the event’s headline sponsors — broadening its footprint across both primary and secondary cities.

“Saudi Arabia is undergoing one of the most ambitious hospitality and tourism transformations the world has ever seen,” Duncan O’Rourke, Accor’s CEO for the Middle East, Africa and Asia Pacific told Arab News.

He added: “Accor’s footprint in Saudi Arabia includes 45 hotels across 15 brands and over 17,000 keys. This is more than growth. It’s about legacy, partnership, and purpose. And we are honored to be a part of it.”

O’Rourke stated that demand for diversified products is rising. “From Accor’s perspective, we are seeing strong traction across segments, with a focus on branded residences, extended stay, and midscale brands, which offer compelling value while supporting long-stay and group needs.” 

On pricing, O’Rourke noted that the Kingdom’s average daily rate in 2024 reflects solid fundamentals with “Riyadh’s ADR rising by approximately 10-12 percent year on year.” 

In preparation for global megaevents such as Expo 2030 and the FIFA World Cup 2034, Accor is also prioritizing flexibility and localized strategies to meet evolving market demands.

“Preparing our teams for the future is not just a strategic priority, it’s how çwe live our purpose,” said O’Rourke. “In short, we’re not just responding to labor market shifts, we’re helping to shape them.”

FHS Saudi Arabia 2025 will offer a dynamic blend of keynote sessions, investor roundtables, and sector-specific panels, with a strong focus on ESG, cultural integration, and effective project delivery.

As giga-projects gain momentum, record deal activity is forecast, and investor interest expands into new sub-sectors, this year’s summit is set to be a pivotal moment for Saudi Arabia’s hospitality industry.

Topics: Future Hospitality Summit

Related

Corporate and Sponsored Content
Saudi Icon stands out at Future Hospitality Summit
Special
Business & Economy
Future Hospitality Summit to shine spotlight on Saudi Arabia’s growing tourism industry

Latest updates

Pakistani health tech platform raises $6 million to expand across GCC
India and Pakistan ceasefire shaken by overnight border fighting in disputed Kashmir region
Israeli army says body of soldier missing for 43 years found in ‘heart of Syria’
Iran and the US begin a 4th round of negotiations over Tehran’s nuclear program in Oman
Putin’s proposed Ukraine talks ‘not enough’: Macron

Search form

Print Edition
Read pdf version Subscribe now
© 2025 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement.