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Rising fuel prices and an increase in duties on CKD components are now taking a toll on manufacturers. Hyundai has announced that its prices will rise by 2 percent, citing similar reasons. “We have been absorbing the increase in input costs with increase in commodity prices, freight rate increase with hike in fuel prices and also the increase in custom duties of certain components.
We are now constrained to pass the same to customers in our products with increase up to two per cent from June 2018,” said Rakesh Srivastava, director - sales & marketing, Hyundai Motor India Ltd.
The facelifted Creta won’t be affected though, but that could be because its pricing possibly incorporates the price revision, since it was launched recently. In January this year, Hyundai, along with a host of manufacturers, had also increased prices across its product range by up to two per cent.