LPG

LPG

LPG

Domestic gas consumers in India have a good news. Indian Oil corporation has announced a cut in gas cylinder prices. Country's biggest oil company announced that the price of subsidised LPG cylnder in Delhi will decrease by Rs 6.52 from tomorrow. The price of non-subsidised LPG cylinder in Delhi has also been cut by Rs 133.00 per cylinder.The company said the price has been reduced due to fall in global crude oil prices. Currently, price of subsidised LPG in Delhi is Rs 507, while the non-subsidised LPG is sold at Rs 942 per cylinder. After the price cut, subsidised cylinder in Delhi will cost Rs 500.90.The price reduction comes after six consecutive monthly hikes in rates since June. Prior to this price cut, rates had gone up by Rs 14.13 per cylinder since then.Subsidisedrates were last hiked by Rs 2.94 per cylinder with effect from November 1.While all LPG cylinders are available at market price, subsidised gas consumers get their subsidy entitlement directly into their bank accounts.The government subsidises only 12 cylinders of 14.2 kg each per household in a year by transferring the subsidy amount directly into the bank accounts of LPG consumers.Allconsumers have to buy the fuel at market price. The government, however, subsidises 12 cylinders of 14.2-kg each per households in a year by providing the subsidy amount directly in bank accounts of users.The subsidy amount varies from month to month depending on the changes in the average international benchmarkrate and foreign exchange rate.(Input from PTI)