New Delhi, (IANS) : In a move to cut subsidies, state-run oil marketing companies (OMCs) has hiked the price of subsidised LPG by Rs 1.93 per cylinder.

A 14.2 kg subsidised cooking gas cylinder will now cost Rs 423.09 in Delhi as against Rs 421.16 earlier. LPG rates were last hiked by Rs 1.98 on July 1.

The monthly increase in LPG rates is along the lines taken towards the deregulation of diesel in November 2014, which was preceded by raising the fuel rates by 50 paise a litre every month.

In case of kerosene for public distribution, OMCs have been allowed to raise the price by 25 paise a litre each month for 10 months. The second such hike was effective from the midnight of Monday.

Instead, the price of non-subsidised LPG, which consumers buy after exhausting their quota of 12 cylinders, was on Monday cut by Rs 50.50 per 14.2-kg cylinder.

Non-subsidised LPG now costs Rs 487 in Delhi as compared to Rs 537.50 per cylinder earlier.

The price of aviation turbine fuel (ATF), or jet fuel, was also cut on Monday by 4.2 per cent, or Rs 2,080.5 per kilolitre (kl) at Delhi, to Rs 47,206.68. The reduction follows five straight monthly increases in prices.

ATF rates vary at different airports because of variable local sales tax.

Amid the recent fluctuation in global crude oil prices, the Indian basket of crude went below the $40 mark on Friday as per official data, closing trade at $39.90 per barrel.

Meanwhile, the petroleum ministry has pegged the under-recoveries, or losses, for August on account of subsidising kerosene at Rs 11.49 per litre.

Moreover, the cash transfer of subsidy for LPG to the customer will be Rs. 63.91 per cylinder, an official statement here said.