Apollo Tyres Ltd. said it will increase tire prices by 4% in June after already hiking prices by 3.5% on May 1. The company cited increases in natural rubber and crude oil costs as the reason for the successive price hikes.
Citing similar input cost pressures, the Apollo had increased prices 2% to 4% in April and 3% to 5% in January.
When asked if Apollo had passed on the entire rise in input costs to the consumer, Vice Chairman and Managing Director Neeraj Kanwar said, “The current gap between the natural rubber prices and our tire price hike is another 15%, but we cannot increase prices indiscriminately as we also have to look after the interests of our main customer – the transporter.”