Plastic products to get 2-3% costlier due to rising oil price, labour costs

Industry officials say another labour cost increase is on the cards in the next three months

Plastic manufacturers are set to raise their prices by two to three per cent this month, on top of earlier rises, to offset cost increases.

A derivative of crude oil, polymer prices move in line with the movement in the prices of Brent crude, fluctuation in the rupee against the dollar and cost of labour. All three factors have worked to make crude oil refineries raise their polymer prices intermittently over the past two months.

Data compiled by plastemart.com shows prices of all varieties of polymer have moved up since August. Polypropylene (PP) has become costlier by 4.6 per cent and linear