"I do think that there is a scope for significant reduction in cement prices," Chidambaram said.
When asked whether the government would consider the industry request to cut excise duty, Chidambaram said, "I do not know".
Chidambaram said he has not received any "official" communication on reduction in prices, but "I have read in the newspapers that they have agreed for small cut in cement prices. There is scope for significant reduction."
At a meeting with Commerce and Industry Minister Kamal Nath, the cement manufacturers had yesterday agreed for a small roll back in prices.
Also Read
Nath had said though price increase was only two per cent in the last one year, the industry had agreed for a reduction in prices.