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Under pressure due to rising prices of raw materials and decrease in profit margins, major tyre makers have increased tyre prices upto 5%. Many retailers are not very happy with this decision. According to them, the tyre industry is already suffering due to demonetisation in November last year and now the price hike will put the buyers on back foot. Retailers are of the view that this hike was in reaction to a 30-40% decline in the sales of tyres.
The prices of two and three wheeler tyres have been increased by 2-5%, and the prices of car and truck tyres have been raised by 2-3%. Some tyre makers have already increased prices and the rest are looking forward to raise the prices before 11th February. CEAT has said that it increased prices last month itself by 1%.
The prices of rubber in January 2017 were 40 rupees more than the corresponding period last year. Some analysts believe that the price rise will strengthen the sale of already ‘cheaper’ Chinese tyres. This price hike will further grow the gap between Indian and Chinese tyres.
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