Step 1: Concept
LPG is a flammable mixture of hydrocarbon gases used as fuel in heating appliances, cooking equipment, and vehicles.
Step 2: Meaning
The term refers to the state and origin of the fuel, which is kept under pressure to remain in a liquid state for easier transport and storage.
Step 3: Analysis
While "Liquid Petrol Gas" is a common misnomer, the industrial and scientific designation consistently identifies it as a product of petroleum refining or natural gas processing.
Step 4: Conclusion
Therefore, the correct expansion of the acronym is Liquefied Petroleum Gas.
Final Answer: (B)