Michelin Increases Tyre Prices In India
Published On 03-Feb-2021 17:49:01
Increase in tyre price is effective from March 2021 and is applicable to all MICHELIN Group brands
French tyre major Michelin has announced that it will increase tyre prices in India by 8 per cent from next month in order to counter the impact of rise in input costs.
Michelin in the Africa, India & Middle East region will increase its tyre prices by up to 8 percent across all segments, said the tyre maker in a release.
This price revision addresses the increase of raw material cost, natural rubber in particular, global transportation cost and other market factors, it further added.
This increase is effective March 2021 and is applicable to all MICHELIN Group brands, said Michelin.
Michelin caters to all major segments, including passenger vehicles, two-wheelers and commercial vehicles, in the country.
Michelin recently also said that they have experienced supply shortages due to the ongoing import restrictions. For Michelin India, Government of India has recently issued a limited import license, which will also be utilized for importing passenger car tyres to address very high demand for our tyres in a restricted manner for the time being.
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The government in June 2020, imposed a restriction on import of pneumatic tyres in the country. The Directorate General of Foreign Trade (DGFT), in a notification, placed tyres under restricted category, which meant tyre importers would now have to obtain a license or permission from the DGFT for imports.