New Delhi, Dec 31 (IANS) Passing on a new year gift of reduction in global gas prices to consumers, state-run Indian Oil Corp (IOC) on Monday announced a major cut of Rs 120.50 in the rates of non-subsidised LPG cylinders.

In a statement here, IOC also said the subsidised quota of 12 cooking gas cylinders per annum will also cost less by Rs 5.91 per cylinder, effective from January 1.

Thus, a 14.2-kg subsidised LPG cylinder will cost Rs 494.99 in Delhi from midnight, as against Rs 500.90.

The non-subsidised LPG will now cost Rs 689 per cylinder, in place of the current Rs 809.50.

"The price of Non-Subsidised LPG at Delhi will decrease by Rs 120.50 per cylinder w.e.f. 1st January 2019 due to fall in price of LPG in international market and strengthening of US dollar-rupee exchange rate," IOC said.

Actual prices following the rate cut will vary across centres owing to local taxes.

--IANS bc/mr