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Oil producer Saudi Aramco and Algeria's Sonatrach have raised February's official selling prices (OSPs) for liquefied petroleum gas (LPG) by between 1.6% and 7.1% from January due to rising oil prices and limited supply of LPG on the global market, traders said on Monday.
Aramco's February OSP for propane was increased by $10 to $635 a metric ton while butane's prices rose by $10 to $625 a ton , the traders said.
Propane and butane are types of LPG with different boiling points.
LPG is used mainly as fuel for cars, heating and as a feedstock for other petrochemicals.
Sonatrach increased its February OSP for propane by $15 to $565 a ton and for butane by $40 to $600 per 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 Louise Heavens)