Consider the following statements:1.Liquefied petroleum gas (LPG) is mainly composed of lighter methane and ethane.2.LPG price in India can be calculated based on the import parity price (IPP).3.IPP is a function of the LPG prices in the domestic market and is decided by the forces of demand and supply.Which of the statements given above is/are incorrect?

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Q. Consider the following statements:
1.Liquefied petroleum gas (LPG) is mainly composed of lighter methane and ethane.
2.LPG price in India can be calculated based on the import parity price (IPP).
3.IPP is a function of the LPG prices in the domestic market and is decided by the forces of demand and supply.
Which of the statements given above is/are incorrect?

[A] 1 only

[B] 1 and 3 only

[C] 2 and 3 only

[D] None

Answer: B

Notes:

LPG is composed mainly of propane and butane, while natural gas is composed of the lighter methane and ethane.

LPG price in India can be calculated based on the import parity price (IPP). The IPP is based on the LPG price in the international market given that country imports the fuel.

Source- Article

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