Tyre major Apollo Tyres today said it will soon hike prices of products due to increasing rates of rubber.
“In October, we had raised prices by about 2.5 per cent and we will be going for another price correction soon,” Apollo Vice Chairman and Managing Director Neeraj Kanwar told reporters here on the sidelines of the India Economic Summit here.
He said imminent price hike in tyre was because of the increasing raw material prices.
Rubber prices are going beyond Rs 120 per kg, which is unreasonable, he said, adding the company will pass on the increase in commodity prices to customers.
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