Michelin today announced that it will be hiking tire prices in India, Africa & the Middle East region. The increase in price is effective from June 18 in India and July 1 for the Middle East region and is applicable to all Michelin Group brands. This is the second price hike this year by Michelin as the first one was made very recently in March 2021, where tire prices were hiked by 8 percent.
In a statement by the company, it said, that it will increase its tyre prices by up to 6 per cent on passenger car, light truck and motorcycle tyres as well as up to 8 per cent on both on- and off-road commercial tyre. The hike in price has been attributed to the increase of raw material cost, global transportation cost and prevailing market dynamics
Price changes may vary across specific products within each brand portfolio.