Most of the car manufacturers have decided to yet again hike the prices of their models, Maruti's will now cost 2% more and for Hyundai you'll have to pay Rs.6,500 - 25,000 extra and Fiat's top seller models, Punto and Linea go Rs.7,000 - 15,000
“Following the excise duty hike by the Finance Minister in the budget, we may hike prices by up to Rs. 60,000 to Rs. 70,000 for heavy vehicles and Rs. 5000-6000 for smaller vehicles,” Tata Motors MD, India Operations, P M Telang said.
Finance Minister has partially rolled back the stimulus given for auto sector. The excise duty on big cars (cars with length above 4m) and SUVs goes up by 2% to 22% from 20%. This would result in price of large cars and SUVs marginally. Also another set back for the auto industry is the additional excise duty of Re1/ litre of petrol/diesel. This means your fuel bill is all set to raise. Finance Minister has also indicated the petroleum ministry would consider implementing the Parikh Panel recommendations of freeing the oil prices (aligning petroleum product prices with international crude rate). This means a heavy raise in petrol and diesel prices.
The government has announced a hike in the prices of auto fuels like petrol prices by Rs 2.67 per litre and diesel prices by Rs 2.58 per litre with effect from tonight.
Small cars/Motorcycles which enjoyed 8 per cent excise duty will now pay 10% excise duty and duty on large cars is levied at 22 per cent plus Rs 15,000 (against 20 per cent plus Rs 15,000 earlier). Source: vicky.in
News is that Hyundai will go for a second round of price hike on its products across the stable. This hike comes in following the one that was implemented after the excise duty was rolled back in the Budget 2010-11.
The current price hike is in lieu of the BSIV implementation across the 13 cities in India. The price hike is expected to be around Rs 4000 to Rs 5000, but unconfirmed reports say that the entire burden might not be passed on to the consumer as well.