French tyre maker, Michelin on Tuesday announced that it will increase prices by up to 6 and 8 percent in Africa, India and Middle East region with effect from June 18, 2021.
Under the arrangement, the company will hike prices of passenger car tyres, light truck and motorcycle replacement tyres as well as up to 8 per cent on both on-and off-road commercial vehicle tyres due to rise in raw material cost, global transportation cost and prevailing market dynamics.
The tyre maker in a statement explained that the increase in prices is effective June 18 for India and July 1 for the Middle East region and is applicable to all Michelin group brands.
Price changes may vary across specific products within each brand portfolio, Michelin said.
Michelin caters to passenger cars, trucks, buses, two-wheelers and off the road vehicles.
Headquartered in Clermont-Ferrand, France, Michelin is present in 170 countries and has 1,23,600 employees.
It operates 71 tyre production facilities which together produced around 170 million tyres in 2020.