SIAM advocates for lower CNG prices in India.

The auto sector applauds the government's decision to decrease petrol and diesel costs.

It would assist to relieve inflationary pressures and, in the end, benefit the ordinary man, the industry organization wrote on Twitter, tagging Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman among others. The car sector also anticipates similar assistance for Compressed Natural Gas (CNG) costs, which have risen exponentially in the previous seven months, according to the Society of Indian Automobile Manufacturers (SIAM). Support for CNG rates would benefit the average man, improve public transportation, and allow for a cleaner environment, the industry organization stated. SIAM also stated that lowering import charges on raw materials for steel and plastic goods and raising export levies on steel intermediates will help to control local steel prices.

Sitharaman announced on Saturday an excise tax drop of Rs 8 per liter on petrol and Rs 6 per liter on diesel to avert a rise in fuel costs caused by a hike in international oil prices.

The government has decreased gasoline and diesel taxes in response to inflation, according to the Finance Minister.

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