KPC announces liquefied gas prices for Feb

KPC announces liquefied gas prices for Feb

KUWAIT: Kuwait Petroleum Corporation (KPC) announced Tuesday the new prices of liquefied petroleum gas (propane) and (butane) for the month of February. The corporation said in a statement that one metric ton of propane gas will be sold for $790 in February and one metric ton of butane gas will be sold for $790.

Liquefied petroleum gas (propane) and (butane) are used in the petrochemical industry, in addition to other uses as fuel, cooking, heating and other uses. The prices of liquefied gas are affected by the oil prices in the global markets, as they are a major determinant of the prices of these materials, in addition to being affected by the forces of supply and demand in the market and other factors.

The price of Kuwaiti oil went down by $1.77 to $84.65 per barrel on Monday as opposed to $86.42 pb last Friday, said KPC on Tuesday. The prices of the Brent crude and the West Texas Intermediate, went down respectively by $1.76 and $1.78 to settle each at $84.90 per barrel and $77.90 pb.

Meanwhile, Kuwait’s crude oil exports to Japan in December jumped 19.4 percent from a year earlier to 8.11 million barrels, or 262,000 barrels per day (bpd),