MOSCOW: Algeria’s Sonatrach and Saudi Arabia’s state oil producer Aramco cut official selling prices (OSPs) for liquefied petroleum gas in August by 4.6-10.1% due to rising supply and weaker demand on the global markets, traders said.
Saudi Aramco cut its August OSP for propane by $55 per ton to $520 and for butane also by $55 per ton to $490.
Propane and butane are types of LPG with different boiling points.
LPG is mainly used as a fuel for cars, heating and as a feedstock for other petrochemicals.
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Sonatrach’s August OSP for propane was stable at $445 per metric ton, while OSP for butane was cut by $20 per ton to $415 per ton.
Aramco’s OSPs for LPG 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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