Honda Siel has raised car prices by up to Rs 94,000 following the Budget announcement, which increased excise duties across the manufacturing sector.
While the lowest price increase of Rs 4,000- 5,000 has been on the compact hatch Brio, the premium Accord sedan price has seen the maximum rise of Rs 67,500 - 93,975.
Prices have also gone up for the Jazz (Rs 15,000), City (Rs 5,000 – 10,500), Civic (Rs 36,600 – 45,800). The sole imported model CR-V has not seen a price change.
Tata Motors has already increased prices by about Rs 35,000 this week. Most other automakers are also expected to follow suit.
The price increases on vehicles comes after the Government increased excise duties on Friday. In effect, the excise on small cars is now at 12 per cent (from 10 per cent), with large cars (above four metres length) at 24 per cent (from 22 per cent). However, for large cars with engines above 1.5 litre capacity, a new ad valorem rate has increased excise to 27 per cent.