Saudi Aramco Slashes July LPG Prices as Global Supply Swells
AI Summary
Saudi Aramco and Algeria’s Sonatrach have cut July selling prices for liquefied petroleum gas (LPG) due to increased global supply. Saudi Aramco reduced propane and butane prices significantly, reflecting market adjustments in the LPG sector.
Saudi Arabia and Algeria have officially cut selling prices for liquefied petroleum gas (LPG) for the month of July amid increased global market supply. Saudi Aramco, Saudi Arabia’s national oil company, has lowered its official selling prices (OSPs) for a metric ton of propane by $180 to $580 per ton and by $220 to $600 per ton for butane while Sonatrach, Algeria’s state-owned oil producer, has lowered July OSPs for propane by $57/ton to $518 and and for butane by $10/ton to $600, according to Reuters reporting on Wednesday.…