SIAM requested a reduction in CNG prices in the same way as for petrol and diesel.

Author: HT Auto Desk
May 23, 2022, 7:54 p.m.

SIAM said lowering CNG taxes will help promote a cleaner environment. (HT_PRINT)

The automotive industry organization SIAM on Sunday sought to reduce CNG prices, welcoming the government’s decision to reduce prices for gasoline and diesel fuel. Demand comes at a time when CNG prices have risen several times across the country in 2022, keeping pace with gasoline and diesel.

(Also read: Gasoline and diesel prices have dropped significantly: know the fuel tariffs in your city)

SIAM said on Twitter on Sunday, referring to Prime Minister Narendra Modi and Finance Minister Nirmalo Sitharaman, among others, that the automotive industry welcomes the government’s move to lower gasoline and diesel prices. “This will help ease inflationary pressures and ultimately help the common man,” the industry body said in a statement on Twitter.

SIAM also added that the automotive industry is also looking forward to similar support for CNG prices, which have increased exponentially over the past seven months. “Supporting CNG prices will help ordinary people, facilitate public transport and create a cleaner environment,” writes SIAM.

The industrial body also requested to reduce import duties on raw materials for steel and plastics products and increase export duties on steel intermediates, which it hopes will lead to lower steel prices in the domestic market.

SIAM’s appeal comes after Finance Minister Nirmala Sitaraman on Saturday announced 8 per liter reduced excise duty on gasoline and 6 liters of diesel to avoid rising fuel prices. With this reduction in excise taxes, the central tax on both gasoline and diesel fuel has been reduced, which gives some relief to motorists and ordinary people. Earlier, the central government reduced excise taxes last November on 5 liters for gasoline and 10 liters for diesel. With the recent tax cuts, excise taxes on gasoline and diesel have been reduced 13 per liter and 16 per liter respectively.

Date of first publication: 7:54 AM IST on May 23, 2022

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