New Delhi: Modi Government’s New Year gift for LPG consumers as a price cut was announced in domestic cooking gas (LPG) for a second straight term in a month’s time almost opposing the earlier hikes. The rate was cut by Rs 5.91 per cylinder on Monday due to tax impact on fallen market rate of the fuel price.

 Following this revised rates, a 14.2-kg subsidized LPG cylinder will now cost Rs 494.99 in national capital New Delhi from Tuesday midnight as against Rs 500.90 at present, Indian Oil Corp (IOC), stated. On December 1, subsidized LPG price was cut by Rs 6.52 per bottle, giving common people relief post six consecutive monthly hikes in rates since June. The two price reductions have now almost neutralized the Rs 14.13 per cylinder raise in rates between June and November.

The largest oil retailer stated non-subsidised or market priced LPG rates have been slashed  by a steep Rs 120.50 per cylinder "due to fall in price of LPG in global market and strengthening of US dollar-rupee exchange rate.

“It will now cost Rs 689 per 14.2-kg cylinder in Delhi.” It may be noted that On December 1, price of non-subsidised LPG was slashed by Rs 133 per bottle.