(Representational) (Representational)

Days ahead of the Budget, Indian Oil Corporation (IOC) Sunday announced a reduction of Rs 100.50 in the price of LPG cylinders. The decision to slash prices has been taken in the backdrop of softening international rates.

Under new rates, the cooking gas will cost Rs 637 per cylinder from July 1 as against Rs 737.50 previously. Subsidised cooking gas price will be Rs 494.35 per cylinder.

“As domestic LPG prices are subsidized by the Government, the effective price after subsidy to the consumer will be Rs 494.35 per cylinder for the month of July 2019. The balance amount is borne as subsidy (Rs 142.65 per cylinder by the Central Government and is being transferred to the Bank account of LPG consumers after purchase and delivery of a refill,” the IOC said in a statement.

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