New Delhi: With festive season around the corner, India's largest two-wheeler manufacturer Hero MotoCorp on Thursday decided to raise the ex-showroom prices of its motorcycles and scooters. The new rates will be effective from September 20, this year. "The price hike has been necessitated to offset the impact of steadily increasing commodity prices," Hero said in a notification to the exchanges.
The two-wheeler stated that the rate hike across the range of motorcycles and scooters will be up to Rs 3,000. The exact quantum of increase will depend on the model and the market.
Ex-showroom is the cost of a vehicle that does not include registration fee paid at the Regional Transport Office (RTO), road tax and insurance.
With several positive indicators, the company further said that it remains optimistic about demand as it gears up for the upcoming festive season.
In August, Hero recorded a 22.3 per cent decline in the total number of units sold as compared to the same month last year.
Other two-wheeler manufacturers may also follow the suit.
India's largest automaker, Maruti Suzuki increased its vehicle prices in September. Tata Motors, Honda Cars, Mahindra & Mahindra, Renault, and Toyota had also raised prices during the July-August period.