LAHORE - Indus Motor Company Limited (IMC) has announced third raise in its car prices by about 2-4, effective from 25th June 2018.

This is the third price increase since Dec 2017 after the devaluation of local currency by around 15 percent against dollar.

Experts said that the auto industry is particularly sensitive to rupee depreciation because of its high dependence on imported raw-material and parts that become expensive with the fall in rupee's value against major international currencies.

Industry experts said that Pak Suzuki and Indus Motors have made three rounds of price increase to pass on the impact of rupee devaluation, where the Honda Car is also expected to follow the suite.

They said that in March 2018 the Indus Motor Company, the maker of Toyota Corolla in Pakistan, had increased car prices by up to 300,000 of different variants. Earlier, the company increased the price of cars ranging Rs50,000-60,000 in Jan 2018.

Now this is the third increase in prices within a short span of almost six months. All the times, it revised prices upwards post rupee devaluation event.

Experts said that the central bank has so far devalued the currency by a total of 15percent, which has increased the cost of imports, as the carmaker imports significant amount of raw material, mostly steel. In addition to this, the government put additional regulatory duties on the import of raw material, said the industry officials.

In March 2018, the IMC increased the rate of Grande CVT SR by Rs75,000, while Altis 1.8 CVT's price was raised by Rs75,000, Altis 1.8 MT by Rs75,000, Altis 1.8 MT by Rs75,000, XLI by Rs75,000, GLI AT by Rs100,000 and GLI MT SE by Rs100,000.

The company also increased the price of IMV 1 Deckless, IMC 1 4X2, IMC 1 4X2, Revo G MT, Revo G AT, Revo V AT, Fortuner 4×2 Hi and Fortuner 4×4 in range of Rs100,000-300,000.