The public sector oil company in the country, Indian Oil Corporation Ltd (IOC) has announced a sharp cut in the price of LPG cylinders in the country. The price of of non-subsidised domestic liquefied petroleum (LPG) gas was reduced by Rs 61.50 per 14.2-kg cylinder in Delhi.
A 14.2-kg non-subsidised LPG cylinder will now cost Rs 744 in Delhi, it will cost Rs 714.50 in Mumbai (down by Rs 62), Rs 774.50 in Kolkata (down by Rs 65.5), and Rs 761.50 rupees in Chennai (down by Rs 64.5).
At present, the government subsidises 12 cylinders of 14.2 kilograms each per household in a year. The consumer has to make any additional purchases at the market price. The amount of subsidy – provided by the government on the annual quota of 12 refills varies from month to month – is determined broadly by factors such as the rates of crude oil and foreign exchange.