Maruti Suzuki has confirmed that it will hike the prices of all its vehicles by October 1 to combat rising prices and the adverse impact foreign exchange fluctuations. Speaking on the hike, Mayank Pareek, MSIL chief operating officer said “There is a lot of pressure on our margins due to the foreign exchange fluctuation and rising input costs. We will be increasing product prices within a week but the details are being worked out.”
The hike is expected to be in the range of 1 per cent to 2.5 per cent and comes just weeks before the commencement of the festive season. Maruti is the second car maker after Honda to confirm price hike this week and few others might follow the suit soon.
