SIAM seeks reduction in CNG prices, import duties on certain raw materials for steel, plastic products
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The Society of Indian Automobile Manufacturers (SIAM) has sought a reduction in CNG prices and import duties on certain raw materials for steel and plastic products while welcoming the government's decision to lower the petrol and diesel prices. The move will help ease the inflationary pressure and eventually help the common man.
SIAM said reduction in import duties for raw material for steel and plastic products and increase in export duties on steel intermediates would hopefully moderate steel prices in the domestic market. It said the auto industry also keenly looks forward to similar support on the CNG prices which have seen exponential increase in the last seven months. It added that support for CNG prices would help the common man, facilitate public transport and will enable a cleaner environment
Meanwhile, Sitharaman has announced a Rs 8 per litre cut in excise duty on petrol and Rs 6 a litre on diesel to avoid an increase in fuel prices that were necessitated due to surge in international oil prices. She said the government has reduced taxes on petrol and diesel against the backdrop of inflation.
