S.Korea LPG importers lift prices again in July
SEOUL, July 2 (Reuters) - South Korean liquefied petroleum gas (LPG) importers have raised propane and butane prices by around 5 percent in July, following a 12 percent hike in June, a Seoul-based LPG buyer said on Wednesday.
The country's two importers -- SK Gas (018670.KS) and E1 (017940.KS) -- have raised propane prices to an average 1,315 won ($1.25) per kilogram, up 5 percent from June, and butane gas to 1,685 won, up 4.5 percent from the previous month.
Due to the rising contract prices with Saudi Aramco, which serves as the benchmark, Asian market players were expecting a rise similar to the June level. [ID:nSEO265538]
The two firms are responsible for meeting more than 60 percent of the country's LPG demand.
State-run Saudi Aramco has set its July contract price for propane at a record-high $905 a tonne, up $10 from the June level. [ID:nT298122]
The company also raised its July butane price by $30 from June to an all-time high $950 a tonne.
Butane is mostly used in cars, and propane is used for utilities.
Shares of SK Gas fell 1.82 percent by 0123 GMT, trading at 75,600 won, underperforming the wider market's 1.49 percent fall.
E1 was trading at 111,000 won, down 0.89 percent.
SK Gas and E1 announce monthly prices levels for their products at the end of the month, based on prices set by Saudi Aramco. ($1=1048.7 Won) (Reporting by Angela Moon; Editing by Michael Urquhart)
