Saudi Aramco and Algeria’s Sonatrach reduce propane and butane prices for July due to oversupply in global markets.
Saudi Aramco has lowered its official selling prices for liquefied petroleum gas (LPG) in July, cutting propane by $180 to $580 per metric ton and butane by $220 to $600 per ton. Algeria’s Sonatrach followed, reducing propane prices by $57 to $518 per ton and butane by $10 to $600 per ton.
The reductions reflect a broader increase in global LPG supply, pressuring prices downward. Prior month prices were not disclosed, but the cuts signal a shift in market dynamics as production outpaces demand.
No immediate market reaction was reported, though the move may weigh on energy sector sentiment amid softer pricing trends.