New Delhi, April 20: Major tyre manufacturers like JK Tyre and Ceat Ltd today said they will go for a price hike of up to five per cent from May 1 to offset an increase in input costs due to the rise in natural rubber prices.
The companies, however, said the hike may not be sufficient to cover the deficit and there is a likelihood of a further increase in the months to come.
“We will increase prices across product categories by 3-5 per cent from May 1,” JK Tyre and Industries Director (Marketing) A S Mehta told PTI.
He said the continuous rise in natural rubber prices in national and international markets in the past few months has put a huge burden on the tyre manufacturers.
“The 3-5 per cent hike will only partially offset it.
–Agencies