MOSCOW: Saudi Aramco and Algeria’s Sonatrach have cut May’s official selling prices for liquefied petroleum gas by 0.8-10.9% from the previous month due to rising global supply, traders said on Monday.
Aramco’s May OSP for propane was cut by $5 to $610 a metric ton while butane prices were dropped by $15 to $590 a ton, the traders said.
Propane and butane are types of LPG with different boiling points.
LPG is used mainly as fuel for cars and heating as well as a feedstock for other petrochemicals.
Sonatrach cut its May OSP for propane by $60 to $490 a ton and for butane by $55 to $490 a ton, traders said.
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Aramco’s OSPs are used as a reference for contracts to supply LPG from the Middle East to the Asia-Pacific region.
Sonatrach’s OSPs are used as benchmarks for the Mediterranean and Black Sea region, including Turkey.
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