Saudi Aramco's cooking gas prices have risen every month since war broke out in the Middle East earlier this year. A particularly sharp price increase this November, coupled with soaring freight rates for LPG carriers, has doubled LPG prices on the global market, with prices in countries around the world now up by more than 70%.
Global LPG prices are now substantially higher than last year following Saudi Aramco's increase in LPG (cooking gas) prices for November. Under the November 2026 LPG contract prices set by Aramco, one of the world's largest energy companies, propane has risen to USD 720 per tonne, while butane has increased to USD 780 per tonne. Saudi Aramco's contract prices are the main benchmark used to price LPG supplied from the Middle East to countries in the Asia-Pacific region.
Minister of Economic Development and Trade Mohamed Saeed said at a press conference in April this year that prices under agreements to import LPG into the Maldives are set each month based on this Aramco benchmark.
According to information received, freight costs for vessels operated by companies supplying cooking gas to the Maldives have increased by more than 200% following the closure of the Strait of Hormuz. Global market prices show that November marks the fourth consecutive monthly increase in LPG prices, following rises in August, September and October. In contrast, Aramco kept prices stable during the same period in 2025.
Traders attribute November's price increase to tighter LPG supplies on the global market and rising demand as seasonal changes bring the onset of winter in Western countries.
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