Saudi Arabia, a major player in the Liquefied Petroleum Gas market, has seen a significant drop in prices for the second month in a row. Saudi Aramco, the state-owned oil giant, and market leader in LPG, slashed their official selling prices (OSPs) for May xxxx compared to April xxxx. This move sent LPG prices tumbling to their lowest point since September xxxx, marking a reduction of x months low during this timeframe. Saudi Arabia&#xx;s Aramco cut prices by x.xx to xx.xx, while Algeria&#xx;s Sonatrach decreased theirs by a steeper margin of USD xx to USD xx per ton to settle at USD xxx/MT Propane Ex-Work Dhahran and USD xxx/MT Butane Ex-Work Dhahran in Saudi Arabia during week ending of May xxthxxxx.
The primary driver behind this price drop was an abundance of LPG on the global market. Several factors contributed to this oversupply. The first quarter...
