LPG Price Cut: Only a few days are left until the end of 2024 and the beginning of 2025. Everyone is busy preparing for the new year. Meanwhile, big news for you: From January 1, 2025, many rules may change, directly impacting your pocket.
Significant changes can be made in the price of LPG cylinders. Even though the inflation of LPG cylinders is troubling people a lot in India, the cost of LPG in Russia’s domestic market has come down to half. In Russia, LPG is used in cooking, heating, and producing other petrochemicals.
A significant drop in LPG prices
According to a Reuters report, LPG prices in Russia in December 2024 have reached a very low level compared to November 2024. The cost of LPG, which was available for 28,000 rubles at the end of November, has come down to $140 on December 20.
Why is the price falling?
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 significant reduction in LPG exports. The European Union’s economic sanctions against Russia have been effective from December 20, 2024.
Poland, which was the largest importer of Russian LPG, had proposed a ban on Russia’s LPG exports. Due to this ban, the supply of LPG in Russia’s domestic market has increased, so prices have come down.
Russia increased exports to other countries.
Russia has recently increased its LPG exports to countries like China, Mongolia, Armenia, Georgia, and Azerbaijan. China is considering expanding its LPG imports from Russia. Now, has India 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.