The present invention relates to a catalyst composition for Fluid Catalytic Cracking (FCC) which contains a combination of a FCC catalyst component and an additive component with certain physical properties attributed therein. The present invention is also directed to provide methods for the preparation of the catalyst composition for FCC. The admixture of the FCC catalyst component and additive component is used in cracking of hydrocarbon feedstock containing hydrocarbons of higher molecular weight and higher boiling point and/or olefin gasoline naphtha feedstock for producing lower yield of fuel gas without affecting the conversion and yield of general cracking products such as gasoline, propylene and C4 olefins.