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Apollo Tyres today said it will hike prices of its products by up to 6 per cent from April to offset spiralling raw material costs.
The market leader also cautioned that the tyre industry could be in the red unless there is a substantial increase, a minimum of up to 10 per cent, in product prices.
“From April onwards we will be increasing tyre prices as the overall raw material costs have gone beyond manageable levels,” Apollo Tyres Chief (India Operations), Mr Satish Sharma, told PTI.
From the first quarter of the next fiscal, Mr Sharma said prices of bias commercial vehicle tyres will go up by 3 per cent while that of truck and bus radial tyres will be dearer by 6 per cent.
“For the passenger cars, we had increased prices in February by about 3 per cent and we will raise it again by another 3 per cent,” he added.
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