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Image used for illustrative purpose. Oil tanks seen at the Saudi Aramco headquarters during a media tour at Damam city. Reuters
MOSCOW - Algeria's Sonatrach and Saudi Arabia's Aramco have raised official selling prices (OSPs) for liquefied petroleum gas (LPG) in August by 18-39% from July amid rising oil prices and limited global LPG supply, traders said.
Aramco's August OSP for propane increased by $70 to $470 per tonne , while OSP for butane jumped by $85 to $460 per tonne .
Propane and butane are types of LPG with different boiling points.
LPG is mainly used as a fuel for cars, heating and as a feedstock for other petrochemicals.
Sonatrach raised its August OSP for propane by $70 to $470 per tonne , while OSP for butane went up by $130 to $465 per tonne .
Aramco's OSPs for LPG are used as a reference for contracts to supply the product from the Middle East to the Asia-Pacific region. Sonatrach's OSPs for LPG are used as benchmarks for the Mediterranean, Black Sea region and Turkey.
(Editing by Louise Heavens)