Sonatrach and Saudi Aramco cut June LPG prices by 2-11%
Saudi Aramco and Algeria's Sonatrach have cut June's official selling prices for liquefied petroleum gas by between 1.6% and 11.2% from the previous month due to rising global supply, traders said on Monday.
Aramco's June OSP for propane was cut by $10 to $600 a metric ton while butane prices were lowered by $20 to $570 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 June OSP for propane by $45 to $445 a ton and for butane by $55 to $435 a ton , traders said.
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.
(Reporting by Reuters; Editing by Kirsten Donovan)
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