Days Ahead of Union Budget, Price of Non-subsidised LPG Cooking Cylinder Reduced by Over Rs 100
The rates were cut on the back of softening international rates, the Indian Oil Corporation said in a statement.
New Delhi: The price of non-subsidised LPG was cut by over Rs 100 per cylinder on the back of softening international rates, Indian Oil Corp (IOC) said on Sunday.
The move came days ahead of Finance Minister Nirmala Sitharaman presenting the Union Budget on July 5, for the fiscal year ending March 2020. It is also the first budget of Prime Minister Narendra Modi's second term after his government came back to power in a landslide election win in May.
The cooking gas in Delhi will be priced at Rs 637 per cylinder from midnight tonight as against Rs 737.50 currently, IOC said in a statement. Subsidised cooking gas price will be Rs 494.35 per cylinder.
"The price of non-subsidised LPG in Delhi will decrease by Rs 100.50 per cylinder with effect from July 1 based on LPG prices in international market and US dollar-rupee exchange rate," India Oil said in a statement. "Accordingly, the upfront cash payment by the consumer of domestic LPG will also reduce by Rs 100.50 per cylinder. Domestic LPG consumer will now be required to make upfront cash payment of Rs 637 per cylinder in place of Rs 737.50 per cylinder."
"As domestic LPG prices are subsidised by the Government, the effective price after subsidy to 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," it added.
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