LPG (Liquefied Petroleum Gas) prices in Russia are halved in December 2024. According to Reuters report, while the price of LPG was 28,000 rubles in November, it came down to 14,000 rubles (about $140) by the end of December.
In Russia, LPG is used for cooking, heating, as a fuel in cars and in the production of petrochemicals. The major reason for this fall in prices is the economic sanctions imposed by the European Union on Russia, due to which the export of LPG has declined.
After being cut off from Europe, Russia has increased exports of LPG to countries like China, Mongolia, Armenia, Georgia, and Azerbaijan. China has also considered increasing LPG imports from Russia.
After importing crude oil from Russia at cheap prices, the question arises whether India will consider cheap LPG imports.
The rising prices of LPG in India is a matter of concern for the general public. Government oil companies will review LPG prices on January 1, 2025. In such a situation, imports from Russia can be a possible relief.
| Subject | Information |
|---|---|
| lpg price in russia | November 2024: 28,000 rubles → December 2024: 14,000 rubles |
| Reason for reduced prices | Restrictions by European countries and increase in domestic supply |
| export country | China, Mongolia, Armenia, Georgia, Azerbaijan |
| situation of india | New prices announced on 1 January 2025 |
Falling LPG prices in Russia could be an opportunity for countries like India. But it depends on the Indian government and oil companies whether they use this opportunity to provide relief to the general public or not.
