New Delhi, April 20 (PTI): Maruti Suzuki India has decided to hike prices from the first week of next month because of rising input costs.

The company’s sales department has asked dealers to be prepared for the price hike and clear the existing stocks before the new prices come into effect.

“There has been a continuous increase in steel and commodity prices in the past few months. As a result, our input costs have increased substantially. We have been trying to absorb this increase but now we are forced to pass on part of this increase to the customers,” the company’s letter to the dealers stated.

The company, however, is still in the process of finalising the extent of the hike on different models. “The amount of increase is likely to be substantial and will increase the ex-showroom price by the first week of May,” the letter added. Company officials confirmed that cost pressures were mounting because of input costs, but refused to elaborate on the issue.