LPG Prices: After a sharp rise in crude oil prices, India imported cheap crude oil from Russia. In such a situation, now the question arises whether India will take advantage of cheap LPG in Russia?
LPG Price Cut: On January 1, 2025, government oil companies will review LPG prices and announce new prices. Even though the inflation of LPG cylinders in India is troubling the common people. But in the domestic market of Russia, the prices of LPG (Liquefied Petroleum Gas) have come down to half. In Russia, LPG is used from cooking to cars, heating or in the production of other petrochemicals.
Big drop in LPG prices
According to a Reuters report, LPG prices in Russia in December 2024 have come down to half as compared to November 2024. The price of LPG which was available for 28,000 Roubles at the end of November has come down to 14000 Roubles i.e. 140 dollars on 20 December. That is a direct reduction of 50 percent.
Why did the prices decrease?
Russia used to export LPG to European countries on a large scale. However, due to the economic sanctions imposed by European countries on Russia, there has been a major reduction in LPG exports from Russia. The European Union's economic sanctions against Russia have come into effect from 20 December 2024. Poland, which was the largest importer of Russian LPG, had proposed a ban on Russian LPG exports. Due to this ban, the supply of LPG in the domestic market of Russia has increased, due to which prices have come down.
Russia increased exports to other countries
Russia has recently increased LPG exports to countries like China, Mongolia, Armenia, Georgia, Azerbaijan. China is considering increasing LPG imports from Russia. In such a situation, the question now arises that just as India has imported crude oil from Russia at cheap prices, will it also import LPG? After Russia attacked Ukraine in February 2022, European countries banned the export of Russian crude oil. After this, after the oil price surged, India imported crude oil from Russia at cheap prices. It is a different matter that this improved the financial health of the oil companies but the common consumers did not get cheap petrol and diesel.
Disclaimer: This content has been sourced and edited from abplive.com. While we have made modifications for clarity and presentation.
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