AUSTRIA: Smart Exchange, an online marketplace for propane gas, is now selling at the cheapest price ever.
The company said on Tuesday it would raise its price for propanes from $3.20 to $3 a barrel for the first time since the global economic crisis.
It has been selling the gas at $1.40 to $2 a barrel since the end of June.
Smart Exchange’s CEO Peter Lewis said he was not sure what the future would hold.
“We are in a really tricky spot because we have to make sure that we are making the right decisions,” he said.
Mr Lewis said the company had been in the red in recent weeks.
“But we are seeing the tide turning.
It is starting to turn, and we are beginning to see some real progress.”
Mr Lewis added Smart Exchange was not a long-term investment.
“It’s a bit like a gold rush, but we’re seeing that gold rush happening now,” he told AAP.
The discount is below the current global price of $4.15 a barrel, which is the average price for crude oil and natural gas in the US and European markets.
It was $4 a barrel in mid-May, about three years ago.
“This is really an opportunity for us to go further, to go through the red again and to see if we can make a better bet,” he added.
Smart is offering a 25 per cent discount on all of its gas purchases for customers that sign up through the app.
The discount is valid for 30 days, or until the end.
The gas price discount will apply to Smart’s gas purchases through the next 24 hours.AUSTRALIAN gas retailers will also be eligible to apply the discount for gas purchases in New Zealand and Australia.
The price discount applies to Smart gas purchases up to 2.5 litres.
The price is also valid for the next five days.