ID :
198621
Tue, 08/02/2011 - 05:15
Auther :
Shortlink :
https://oananews.org//node/198621
The shortlink copeid
Import prices of LPG rise in Aug
SEOUL (Yonhap) - South Korea's import prices of liquefied petroleum gas (LPG) jumped in August due to international oil price hikes, industry sources said Tuesday.
According to sources, Saudi Aramco, the state-owned oil company of Saudi Arabia, has informed South Korean importers that it raised August prices of propane and butane gas to US$835 and $885 per ton, respectively, up $20 and $30 from the previous month.
The import prices of LPG dropped for two months in a row in June and July on seasonally weak demand after peaking at $945 for propane gas and $995 for butane gas in May.
International oil prices climbed to $110 per barrel in July, pulling up South Korea's import prices of LPG, said the sources.
The rise in the import costs could be reflected in this month's LPG prices at the pump, they noted. Local importers adjust their LPG prices on a monthly basis, based on import prices, currency rates, taxes and other costs.
"The import price hike may raise domestic prices, but we will put off until the end of this month as we're trying to follow (the government's) price stability policy," said an official from E1, one of South Korea's LPG importers.
The import price increase is feared to fuel inflationary pressure in South Korea, which is already struggling to tame runaway consumer prices.
The country's consumer prices jumped 4.7 percent on-year in July, hovering above the government's containment target of 4 percent for seven months running. As part of its anti-inflation efforts, the government pressured local refiners to lower gas prices by 100 won in the April-June period but they raised prices again last month.
According to sources, Saudi Aramco, the state-owned oil company of Saudi Arabia, has informed South Korean importers that it raised August prices of propane and butane gas to US$835 and $885 per ton, respectively, up $20 and $30 from the previous month.
The import prices of LPG dropped for two months in a row in June and July on seasonally weak demand after peaking at $945 for propane gas and $995 for butane gas in May.
International oil prices climbed to $110 per barrel in July, pulling up South Korea's import prices of LPG, said the sources.
The rise in the import costs could be reflected in this month's LPG prices at the pump, they noted. Local importers adjust their LPG prices on a monthly basis, based on import prices, currency rates, taxes and other costs.
"The import price hike may raise domestic prices, but we will put off until the end of this month as we're trying to follow (the government's) price stability policy," said an official from E1, one of South Korea's LPG importers.
The import price increase is feared to fuel inflationary pressure in South Korea, which is already struggling to tame runaway consumer prices.
The country's consumer prices jumped 4.7 percent on-year in July, hovering above the government's containment target of 4 percent for seven months running. As part of its anti-inflation efforts, the government pressured local refiners to lower gas prices by 100 won in the April-June period but they raised prices again last month.
