The largest carmaker Maruti Suzuki India (MSI) on Monday said it will increase prices of its entire product portfolio in the second quarter of the current fiscal due to rise in prices of various essential commodities, including steel. This will be the third hike in 2021. The auto major, which has already taken a price increase in April this financial year, noted that the price of steel and various precious metals has gone up considerably prompting the company to pass on some of the impact to the customers. “The prices of steel and precious metals like Rhodium and Palladium have gone up substantially.
In April we passed on a part of the increased input costs to consumers thinking that the prices of these essential commodities will come down eventually. But that has not happened and as a last resort we are doing it to safeguard the company’s financial health,” MSI Executive Director (Sales and Marketing) Shashank Srivastava told PTI. He noted that the price of steel has gone up from Rs 38 per kg to Rs 68 per kg while that of Rhodium has gone up from Rs 19,000 per gram to about Rs 66,000 per gram thus impacting the production cost.