Maruti Suzuki India said it will hike prices of its vehicles across models this month to offset adverse impacts of rise in commodity costs, foreign exchange fluctuations and fuel price increases.
The company, however, said it is currently working out the details of the quantum of price increase, which will vary depending on the model.
"This question has been coming for quite some time. We have been analysing the adverse movement of commodity prices -- going towards the higher side," Maruti Suzuki India Senior Executive Director (Marketing and Sales) R S Kalsi.
He further said, "Also the foreign exchange rate has been impacting us adversely. The fuel prices too have increased, adding to the logistics costs." The company cannot absorb the full impact any longer.
"So it is now imperative for us to pass on some impact of the above factors to the customers through a price increase. This will happen across the range of models in August itself," he said.
When asked about the quantum of hike, he said, "We are working on it. It will vary depending on the models."
Stating that the company's finance team is currently working out the details, he said, "It is difficult to give any range of the price hike till the finance team finalises it. We are working on it and the moment we get clarity on it, we will hike the prices accordingly."
Maruti Suzuki currently sells a range of vehicles from entry level Alto 800 with price starting at Rs 2.51 lakh to mid-sized sedan Ciaz tagged at Rs 11.51 lakh (ex-showroom Delhi).
Other companies such as Mahindra & Mahindra and Tata Motors have also announced price hikes from August citing rising input costs.