Domestic LPG won't touch Rs 1,000 soon, IOC clears air

New Delhi: State-owned Indian Oil Corp (IOC) Thursday said petrol price has been cut by Rs 9.6 per litre and diesel by Rs 7.56 in the past six weeks in step with the reduction in international oil rates.

It also refuted reports that domestic LPG price may touch Rs 1,000 soon.

"Considering continuous fall in international prices of petrol and diesel, IOC has been continuously reducing the prices of petrol and diesel in the domestic market for about one-and-a-half months now," the company said in a statement here.

On the issue of domestic cooking gas (LPG), IOC said with the falling international product prices; the rates are likely to come down in days ahead.

Currently, the price of subsidised LPG in Delhi is Rs 507 while the non-subsidised LPG is sold at Rs 942 per cylinder.

While all LPG cylinders are available at market price, subsidised gas consumers get their subsidy entitlement directly into their bank accounts.

"Subsidy entitlement of LPG consumers is protected against any increase in the price of LPG by compensating through increase in subsidy, which is borne by the central government," the statement said.

More than 23 crore LPG consumers have received subsidy of nearly Rs 94,500 crore since November 2014 through direct benefit transfer, it said.