SIAM seeks reduction in CNG prices, import duty cut on raw materials

SIAM 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.

Auto industry body SIAM on Sunday 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.

"Auto industry welcomes the government's move to lower the prices of petrol and diesel. It will help ease the inflationary pressure and eventually help the common man," the industry body said on Twitter tagging Prime Minister Narendra Modi, Finance Minister Nirmala Sitharaman among others.

Also 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 added.

The auto industry also keenly looks forward to similar support on the CNG prices which have seen exponential increase in the last seven months, the Society of Indian Automobile Manufacturers (SIAM) noted.

"Support for CNG prices would help the common man, facilitate public transport and will enable a cleaner environment," SIAM said.

Sitharaman on Saturday 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.

The government has reduced taxes on petrol and diesel against the backdrop of inflation, the Finance Minister had stated.