Gas cylinders will get cheaper by Rs 100.50 from today, Indian Oil Corporation has announced. With this price coming into effect, unsubsidised price of each domestic LPG cylinder will be Rs 637 instead of Rs 737.50.
According to Indian Oil, the decision to cut rates was taken in view of softening liquefied petroleum gas prices in the international market and a favourable dollar-rupee exchange rate.
The effective price of domestic LPG, subsidised by the government, has come down to Rs 494.35 per cylinder with this rate revision.
The balance amount of Rs 142.65 per cylinder “would be borne as subsidy” by the central government and transferred to the consumer’s bank account after the purchase of a refill, a press release from Indian Oil said.
The cut in price comes exactly a month after LPG saw a price hike of 3.65 per cent with effect from June 1. According to Indian Oil, that amounted to an increase of Rs 25 per cylinder as compared to the previous month.