In news that is very much likely to bring cheer to many households, Indian Oil Corp (IOC) on Sunday announced that the price of non-subsidised LPG was being slashed by Rs 100.50 per cylinder.

This has come after the global markets showed some signs of easing up. The revised price would be effective from Monday, July 1, 2019.

“As domestic LPG prices are subsidized by the Government, the effective price after subsidy to the 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,” the IOC said in a statement.

Post the changed price, the cooking gas in Delhi will cost Rs 637 per cylinder as against Rs 737.50 currently, the IOC said in a statement while the subsidised cooking gas would cost Rs 494.35 per cylinder.

Interestingly, the huge slash in the LPG price has come into effect with a few days to go for the release of the Union Budget.

Under new rates, the cooking gas will cost Rs 637 per cylinder from July 1 as against Rs 737.50 previously. Subsidised cooking gas price will be Rs 494.35 per cylinder.