Tyre manufacturers Ceat and Apollo to hike prices as input costs soar

Crude prices, which hovered around $88 to 90 over the past three months, represent a 6 to 8 per cent increase from the previous quarter, adding further strain on manufacturers' margins

Tyre manufacturers Ceat and Apollo Tyres are planning to hike prices in response to the surge in raw material costs in the previous quarter (Q4FY24), driven by an increase in natural rubber prices and the depreciation of the rupee against the US dollar, officials said.

Natural rubber prices have risen significantly, while the rupee has weakened to 83.5 against the US dollar from 83 just a month ago. This trend is further compounded by the rising prices of crude derivatives such as synthetic rubber and nylon fabric, all of which are key components in tyre production.

The cost of natural