FMCG major HUL on Friday said that it would increase soaps prices by up to 6 per cent in a phased manner to offset the rising cost of palm oil.
According to HUL Chief Financial Officer Srinivas Phatak, prices of palm oil in the last six months have gone up by 25 to 30 per cent.
"We would take the prices up in the soap part of our portfolio. We would be looking to price up between 5 to 6 per cent and they would come in a phased manner," Phatak said in a post-earnings conference call.
"We are being judicious and being calibrated," he said, adding "for skin cleansing, we are taking up prices."
HUL CMD Sanjiv Mehta said:"This quarter witnessed an overall challenging market environment, mainly reflecting a sharp slowdown in rural and discretionary spends."
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