Algeria's Sonatrach and Saudi Arabia's Aramco have raised official selling prices (OSPs) for liquefied petroleum gas (LPG) in November by about 1-3 per cent from October owing to growing global demand, traders said.
Aramco's OSP for propane was increased by $10 to $635 a metric ton and butane rose by $10 to $630 a ton.
Propane and butane are types of LPG with different boiling points. LPG is mainly used as a fuel for cars and heating as well as a feedstock for other petrochemicals.
Sonatrach raised the OSP for propane by $5 to $595 a ton while butane was lifted by $20 to $600 a ton.
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 are used as benchmarks for LPG in the Mediterranean, Black Sea region and Turkey. -Reuters