NEW DELHI: As the government on Tuesday announced Rs 200 cut in the price of cooking gas cylinders for all subscribers, the financial implication of the decision will come to around Rs 7,680 crore for the 2023-24 fiscal, official sources said.

Ujjwala scheme subscribers already get Rs 200 subsidy on cooking gas cylinders, while the reduction of Rs 200 in prices of LPG cylinders announced on Tuesday will be on top of that, Information and Broadcasting Minister Anurag Thakur told mediapersons after the Union Cabinet meeting.

The additional subsidy on LPG cylinders will come into effect immediately as a 'Raksha Bandhan' and 'Onam' gift, and will cost the exchequer Rs 7,680 crore, the minister added.

The decision came months before the Assembly elections scheduled in four states, and the Lok Sabha elections due next year.