This is the sixth straight reduction in rates of non-subsidised or market priced LPG, which the customers buy after exhausting their quota of 12 cylinders at subsidised rates, since August.

READ MORE: LPG consumers to get cash subsidy in bank accounts from today

Earlier On December 1 last year, Oil Marketing Companies (OMC) reduced the prices of non-subsidised cooking gas by a steep Rs 113 per cylinder and that of jet fuel (ATF) by 4.1 percent.

The move comes on the heels of Centre's decision to provide LPG connection to Below Poverty Line (BPL) families at subsidised rate of Rs 800.

Petroleum Minister Dharmendra Pradhan on Tuesday announced BPL families will get LPG connection for Rs 800 as against market rate of Rs 2,400.

ALSO READ: Bihar hails Centre's move on subsidised LPG connection for BPL

From Thursday, LPG consumers across the country will get cash subsidy directly into their bank accounts so that they buy the cooking fuel at market price.

Domestic LPG users will get the money in the bank accounts the moment they join the Direct Benefit Transfer Scheme for LPG, which has now been renamed PAHAL. They will have to use this money to buy 14.2-kg refill at the market price.

A subsidised LPG refill currently costs Rs 417 in Delhi. Price of non-subsidised LPG were last cut on December 1 by a steep Rs 113.

In six monthly reductions, non-domestic LPG rates have been slashed by Rs 214 per cylinder, bringing the price to a three-year low. Price of subsidised LPG have not been changed.

Brent crude, a pricing benchmark for more than half of the world's oil, sank 48 per cent in 2014 as US producers and the Organization of Petroleum Exporting Countries (OPEC) ceded no ground in their battle for market share amid a supply glut. Brent fell to USD 57.33 a barrel, the lowest since May 2009.


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