FICCI and CII welcome govt's move to reduce excise duty on fuel, say will help bring down inflation

He said these steps would not just bring down the inflationary pressure, but would also ensure that the industry continued to remain competitive.

The CII also issued a statement saying it welcomed the government's move to cut excise duty on fuel, which would help bring down inflation levels.

"The government’s swift action shows its intent to bring down the burden on the common man, in addition to bringing down input cost for many sectors. We are happy that government action comes within days of CII making this suggestion and we do hope that following the Centre, state governments will also respond in the same manner, bringing further relief," the statement added.

Last week, CII President Sanjiv Bajaj had said that reduction in taxes on petrol and diesel should be done by the Centre and states in a collaborative manner. He had said that the government had increased the taxes on diesel and petrol at a time when the crude oil price in the international market was low and it was required for the same to be reversed.

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