Reason to smile! Non-subsidised LPG price cut by Rs 62.50 per cylinder

New Delhi, August 1: For all the domestic gas consumers in India, you all have some good news. Reducing rates of the gas cylinder prices, the Indian Oil Corporation announced that the price of non-subsidised LPG cylinder has been cut by 62 rupees 50 paise per cylinder based on softening international rates.

 

Non-subsidised or market priced LPG, which consumers buy after exhausting their quota of 12 cylinders of 14.2-kg each at subsidized rates, will now cost 574.50 rupees per cylinder.

Indian Oil Corporation in a statement on Wednesday said the price of Non-Subsidised LPG was reduced by 100.50 rupees per cylinder earlier last month as well.

With this, the price of Non-Subsidised LPG cylinder has come down by 163 rupees per cylinder cumulatively in two months.

Last month, the release stated that the balance amount of Rs 142.65 per cylinder (subsidized) will now be borne by the central government. Following the move, the balance amount would be transferred to the customer's bank account after purchase of a refill, according to the release.

The government subsidizes 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.