Michelin to hike tyre prices from 1 April
01 Mar 2011
Tyre maker Michelin today announced it would up prices of its entire range of products in India by up to 12 per cent with effect from 1April, due to increased cost of inputs.
"In the face of continued and accelerating escalation of raw material costs, Michelin Africa, India and Middle-East (AIM) is maintaining its firm and responsive pricing policy. Prices of all product ranges will be increased in Africa, India and Middle-East," the company said in a statement.
According to the company, prices of motorcycle, scooter and passenger car tyres would rise by up to 8 per cent.
"All truck tyres, accessories, tubes and flaps and treads will increase by up to 12 per cent," it added.
Additionally, agriculture, backhoe and skid-steer tyres would increase by up to 7.5 per cent, while earthmover, TP and industrial tyres would, on an average become costlier by 6 per cent.
Also, the prices of all accessories would increase by around 6 per cent, according to the statement.
"The price increases reflect the raw material escalations up to January of this year only, and will take effect on 1 April 2011," it added.
Also, effective 1May, Michelin North America will increase prices up to 8.5 per cent for all Michelin, BFGoodrich, Uniroyal and private and associate passenger and light truck consumer product lines in the US. The price hike would vary by product line and size.
