Domestic cooking gas (LPG) price on Friday was cut by Rs. 6.52 per cylinder on account of tax impact on the reduced market rate for the fuel. A 14.2-kg subsidised LPG cylinder will cost Rs. 500.90 in the national capital from midnight tonight as against Rs. 507.42 currently, Indian Oil Corp (IOC), the country's largest fuel retailer, said in a statement. The price reduction comes soon after six consecutive monthly hikes in rates since June. Prior to this price cut, rates had gone up by Rs. 14.13 per cylinder since then. Subsidised LPG rates were last hiked by Rs. 2.94 per cylinder with effect from November 1.