FinMin calls meeting of petro-chemical industry on prices

NEW DELHI: Finance Ministry is understood to have called a meeting on Thursday with the representatives of petro-chemical industry, including of Reliance Industries, to discuss the rising prices of these products, especially polymer.

The meeting has been called as part of the government measures to contain inflation, which has touched 11.63 per cent during the week ended June 21, sources said.

It is learnt the Finance Ministry may press on the industry to cut down on prices and may also resort to changing the duty structure to bring down prices in the domestic market.

Plastic manufacturers, who use polymer as a raw material, had earlier asked the government to appoint a regulator and abolish five per cent customs duty on the product to control prices.