New Delhi, June 30: In a major rate cut, Indian Oil Corp (IOC) on Sunday announced to slash the price of non-subsidised LPG by over Rs 100 per cylinder in Delhi. Non-subsidised LPG gas cylinders will be available for Rs 637 per cylinder in the national capital. The revised rates will come into effect from midnight tonight.

"The price of non-subsidised LPG in Delhi will decrease by Rs 100.50/cylinder w.e.f. 1st July 2019 based on LPG Prices in international market and USD-rupee exchange rate," IOC said in a press release. Subsidised LPG cylinder will now come down to Rs 494.35 after the fresh rate revision.

"As domestic LPG prices are subsidised by the government, the effective price after subsidy to the consumer will be Rs 494.35 per cylinder for the month of July," the press release said. Earlier this month, prices for domestic LPG cylinder (14.2 kg) was hiked to Rs 771.50 without subsidy. LPG Price in Mumbai Goes Beyond Rs 700 After Fresh Hike.

The government subsidises 12 LPG cylinders of 14.2 kilograms each per household in a year. It provides the subsidy amount directly to the consumer's bank account. The consumer has to bear the market price for additional LPG cylinders in a year.

(The above story first appeared on LatestLY on Jun 30, 2019 09:26 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).