Gas cylinders cheaper by ₹100.50 from Monday

Gas cylinders will get cheaper by ₹100.50 from Monday, Indian Oil Corporation has announced. With this price coming into effect, unsubsidised price of each domestic LPG cylinder will be ₹637 instead of ₹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 ₹494.35 per cylinder with this rate revision.

The balance amount of ₹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 ₹25 per cylinder as compared to the previous month.