Questions:
How can I remove all docker containers based on a docker image name. I do not wish to remove all available containers, only the those which are based on particular image. For example I would like to remove all containers based on image centos:7.

Answer:
To remove all docker containers based on centos:7 run the following command:
# docker ps -a | awk '{ print $1,$2 }' | grep centos:7 | awk '{print $1 }' | xargs -I {} docker rm {}
The full workout and piping explanations can be found below.

First, we need to get all container ID's:
# docker ps -a
CONTAINER ID IMAGE        COMMAND      CREATED      STATUS     PORTS        NAMES
16ef47387cbd fedora:21    "/bin/bash"  5 hours ago  Exited (0) 5 hours ago         romantic_heisenberg    
6ae3e3870739 centos:7     "/bin/bash"  5 hours ago  Exited (0) 5 hours ago         clever_rosalind 
effd4037ab74 centos:7     "/bin/bash"  5 hours ago  Exited (0) 5 hours ago         backstabbing_almeida   
72c89af47615 debian:8     "/bin/bash"  5 hours ago  Exited (0) 5 hours ago         berserk_pasteur 
195c78f3eb0b debian:8     "/bin/bash"  5 hours ago  Exited (0) 5 hours ago         cocky_yonath    
f060a5bfdb11 debian:8     "/bin/bash"  5 hours ago  Exited (0) 5 hours ago         insane_galileo
To avoid the confusion between image and container name we can keep only CONTAINER ID and IMAGE columns:
# docker ps -a | awk '{ print $1,$2 }'
CONTAINER ID
16ef47387cbd fedora:21
6ae3e3870739 centos:7
effd4037ab74 centos:7
72c89af47615 debian:8
195c78f3eb0b debian:8
f060a5bfdb11 debian:8
Next, we can pipe the above output to the grep command to filter only those containers which are based on an certain image name. For example let's filter all containers based on centos:7 image:
# docker ps -a | awk '{ print $1,$2 }' | grep centos:7
6ae3e3870739 centos:7
effd4037ab74 centos:7
At this point we are only interested in CONTAINER ID:
# docker ps -a | awk '{ print $1,$2 }' | grep centos:7 | awk '{print $1 }'
6ae3e3870739
effd4037ab74
Lastly, we can use xargs and remove remaining container ID's:
# docker ps -a | awk '{ print $1,$2 }' | grep centos:7 | awk '{print $1 }' | xargs -I {} docker rm {}
6ae3e3870739
effd4037ab74