Import prices of LPG fall in Sept.

SEOUL, Sept. 1 (Yonhap) -- South Korea's import prices of liquefied petroleum gas (LPG) fell in September thanks to a drop in international oil prices, industry sources said Thursday.
Saudi Aramco, the state-owned oil company of Saudi Arabia, has informed South Korean importers that it has lowered prices of propane and butane gas to US$790 and $865 per ton, respectively, down $45 and $20 from the previous month, according to the sources.
LPG import prices rose in August after dropping for two straight months in June and July on seasonally weak demand. They reached an all-time high of $945 for propane gas and $995 for butane gas in May.
International oil prices hovered around $100 last month due to fears over another global recession, dragging down South Korea's import prices of LPG, said the sources.
The decline 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 drop is expected to help ease inflationary pressure in South Korea, which is already struggling to tame runaway consumer prices.
The country's consumer prices jumped 5.3 percent on-year in August, the fastest pace in three years. It is the eighth straight month that the consumer price hike has surpassed the government's annual inflation target of 4 percent for this year.