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This sounds like contact dermatitis of the lips to the lip product that you were using. Take some antihistaminic like Benadryl or Claritin and apply some calamine lotion on the rashes. If the symptoms persist then topical or oral steroids may be needed. Please consult a dermatologist in that case. Also Take some vitamin B for some days for the chapping and keep the lips well mositurised.
I hope it helps. Take care and please do keep me posted in case you have any additional doubts. Kind regards.