Plastics body urges lower import duty

Indian Plastics Federation (IPF), the apex body of polymer products manufacturers of the country, has approached the union finance ministry for lowering of Customs duty on imports.

Speaking at a press conference here on Tuesday, president of IPFJ C Agarwal said there had been 30 per cent to 40 per cent hike in prices of polymers in the last three months.

He said that leading petrochemicals firms like Reliance, Haldia Petrochemicals and IPCL were 'fixing prices in consultation with each other', adding that prices were not determined on the basis of demand and supply.

Agarwal said the price rise had resulted in demand recession in the market.