New Delhi June 2 :
With a lowering of international crude oil prices and strengthening of the rupee, oil marketing companies (OMCs) Monday cut the price of non-subsidised cooking gas, which customers buy after using up their quota of 12 subsidised cylinders, by Rs. 23.50 per cylinder.
A subsidised gas cylinder costs Rs 414.
Indian Oil said losses on LPG have come down to Rs.432.71 per subsidised cylinder from Rs. 449.14 in the previous month.
OMCs revise jet fuel and non-subsidised cooking gas prices on the first of every month, based on the average international prices in the preceding month.
OMCs are now incurring combined daily under-recovery, or loss, of about Rs.262 crore on the sale of diesel, kerosene and domestic cooking gas below cost.