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    HomeBusinessAuto industry seeks reduction in CNG prices

    Auto industry seeks reduction in CNG prices

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    Economy

    PTI | New Delhi, May 23 | Updated on: May 23, 2022

    Also reduce import duties for raw materials for steel and plastic products: SIAM

    Auto industry body SIAM on Sunday sought reduction in CNG prices 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.

    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,” the industry body said.

    ‘Moderate steel prices’

    Also reduction in import duties for raw materials for steel and plastic products and an increase in export duties on steel intermediates would hopefully moderate steel prices in the domestic market, SIAM said.

    Sitharaman on Saturday announced a ₹8 per litre cut in excise duty on petrol and ₹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.

    Published on May 23, 2022

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