Traders have revealed that Saudi Aramco and Algerian Sonatrach, oil-producing companies, have lowered their official selling prices for liquefied petroleum gas (LPG) for April by between 23% and 26% compared to March.
Aramco has reduced the official selling price of propane for April by $165 to $555 per ton, while the official selling price of butane has been cut by $195 to $545 per ton.
Sonatrach's official selling price for propane has decreased by $145 to $495 per ton, and the official selling price for butane has dropped by $180 to $510 per ton.
Traders indicated that this reduction is due to the decline in global LPG prices resulting from an increase in the supply of propane and butane in international markets.
The official selling price set by Aramco for LPG serves as a reference for supply contracts from the Middle East to the Asia-Pacific region. Meanwhile, Sonatrach's official selling price is a benchmark for the Mediterranean, Black Sea, and Turkey.
