The present invention relates to a process for the conversion of hydrocarbon streams with 95% true boiling point less than 400.degree. C. to very high yield of liquefied petroleum gas in the range of 45-65 wt % of feed and high octane gasoline, the said process comprises catalytic cracking of the hydrocarbons using a solid fluidizable catalyst comprising a medium pore crystalline alumino-silicates with or without Y-zeolite, non crystalline acidic materials or combinations thereof in a fluidized dense bed reactor operating at a temperature range of 400 to 550.degree. C., pressure range of 2 to 20 kg/cm.sup.2 (g) and weight hourly space velocity in range of 0.1 to 20 hour.sup.-1, wherein the said dense bed reactor is in flow communication to a catalyst stripper and a regenerator for continuous regeneration of the coked catalyst in presence of air and or oxygen containing gases, the catalyst being continuously circulated between the reactor-regenerator system.