JK Tyre to hike prices by 4-5% in early Sept

J K Tyre today said it will increase prices of its products by 4-5 per cent by the first week of September to offset rising input costs.

"Natural rubber costs have been going up and we have stated in the past too that we need to increase our product prices to offset it. By the first week of September we may increase another 4-5 per cent increase in tyre prices," J K Tyre Director (Marketing) A S Mehta told PTI.

In July, the company had increased its tyre prices by 3 per cent, he added.

"The price hike will be across all segments of tyres," he added.

At present, an average car tyre costs about Rs 2,000, while that of commercial vehicle is around Rs 12,000.

In May this year tyre manufacturers had said they would have to hike product prices by up to 25 per cent to offset rising input costs.

According to the Rubber Board data, the average rubber price (RS4) increased to Rs 18,215 per 100 kg in July from Rs 17,087 in June.