Apollo Tyres to Raise Prices in June
Apollo Tyres has confirmed it will increase tyre prices again by 4 per cent in June after already hiking prices by 3.5 per cent on 1 May, reports Tire Review. The company cited increases in natural rubber and crude oil costs as the reason for the successive price hikes. Citing similar input cost pressures, Apollo had increased prices 2 per cent to 4 per cent in April and 3-5 per cent 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 per cent, but we cannot increase prices indiscriminately as we also have to look after the interests of our main customer — the transporter.”