Investing.com -- Saudi Aramco (TADAWUL: 2222 ) and Algeria’s Sonatrach have reduced their official selling prices (OSPs) for liquefied petroleum gas (LPG) for June, due to a surge in global supply. This was reported by traders on Monday.

The June OSP for propane from Aramco was decreased by $10, bringing it to $600 per metric ton, while the price for butane was lowered by $20 to $570 per ton. These adjustments were shared by traders.

Meanwhile, Sonatrach made a more substantial cut in its June OSPs. The price for propane dropped by $45 to $445 per ton, and for butane, it was reduced by $55 to $435 per ton. This information was also confirmed by traders.

Aramco’s OSPs serve as a reference point for contracts supplying LPG from the Middle East to the Asia-Pacific region. On the other hand, Sonatrach’s OSPs are used as benchmarks for the Mediterranean and Black Sea region, which includes Turkey.

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