Increasing utility expenses and record depreciation in Pakistani rupee, which in last month only has depreciated by almost 5 percent against Japanese Yen (from 1.0980 to 1.152) and 4 percent US$ (from 86 to 89) has forced the Indus Motor Company (IMC) to marginally increase the retail prices of Corolla, Cuore and Hilux variants with immediate effect.
According to the IMC statement, prices have been increased by around 1.5 percent only on account of very steep decline in Pak Rupee against US$ and Japanese Yen, which is making the imported CKD kits and local vendor parts more costly as the raw materials of vendors are also imported.
The company spokesperson, commenting on the price increase, said, “We have been absorbing most of the costs on account of depreciating rupee so far, however, recent decline has forced us to marginally increase our prices.”
“Additionally, increase in unit price of electricity and gas and their load shedding is also forcing us to move to more expensive diesel fuel for electricity generation, which is also resulting in increased costs,” he added.
He said that IMC is taking up all cost reduction initiatives through localization and efficiency enhancement and is making its best efforts to keep the prices in check despite the challenging environment.
Prices of Corolla variants have increased by 20,000 rupees, Altis variants prices have increased by Rs 30,000 whereas the price of Cuore has been increased by Rs 15,000. The new prices will be Rs 1,444,000 (XLI), Rs 1,574,000 (GLI), Rs 1,879,000 (Altis AT), Rs 1,789,000 (Altis MT), Rs 2,489,000 (Hilux 4×4 Std.), Rs 824,000 (Cuore CX) and Rs 874,000 (Cuore CX CNG).