Saudi Arabia’s state oil producer Aramco and Algeria’s Sonatrach lowered March official selling prices (OSPs) for propane by 9-11 percent compared to February amid weaker demand and rising global supply of liquefied petroleum gas (LPG), traders said.
Aramco’s OSP for propane fell by $70 to $720 per ton in March, while the OSP for butane went down by $50 to $740 per ton.
Sonatrach’s OSP for propane eased by $80 to $640 per ton, but the OSP for butane went up by $50 to $690 per ton.
Aramco’s OSPs for LPG are used as a reference for contracts to supply the product from the Middle East to the Asia-Pacific region. Sonatrach’s OSPs for LPG are used as benchmarks for the Mediterranean, Black Sea region and Turkey.
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