SIAM demands reduction in CNG prices and reduction in import duties on raw materials

Auto industry body SIAM on Sunday called for a reduction in CNG prices and import duties on certain raw materials for steel and plastic products while welcoming the government’s decision to cut prices for gasoline and diesel.

”The automotive industry welcomes the government’s decision to lower petrol and diesel prices. This will help ease inflationary pressure and ultimately help the common man,’ the industry body said on Twitter identifying Prime Minister Narendra Modi, Finance Minister Nirmala Sitharaman, among others.

Reduced import duties on raw materials for steel and plastic products and increased export duties on intermediate steel products are also expected to moderate domestic steel prices, a- he added.

The auto industry is also eagerly awaiting similar support on CNG prices which have seen an exponential increase over the past seven months, the Society of Indian Automobile Manufacturers (SIAM) noted.

“CNG price support would help the common man, facilitate public transport and enable a cleaner environment,” SIAM said.

Sitharaman on Saturday announced a reduction of 8 rupees per liter in excise duty on petrol and 6 rupees per liter on diesel to avoid an increase in fuel prices necessitated by soaring international oil prices.

The government has cut taxes on gasoline and diesel amid inflation, the finance minister had said.

(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)

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