ISLAMABAD: Suzuki has announced its third price increase within 30 days. The new prices are as follows:
Suzuki’s decision marks the third price increase it has made within the span of a month with the previous two upwards revisions being made on January 24 and and February 8. The current increase will come into effect immediately as of February 20.
“Due to recent increase in electricity, gas, GST, different utilities and overhead expenses, currency fluctuation, economic uncertainties, too much increase in local and international raw material parts & accessories cost. So, keeping in view this big adverse impact, we are passing a very minimal portion through this price increase,” explains Shafiq Ahmed Shaikh, Head of Public Relations at Pak Suzuki Motor Co. Ltd, to Profit.
The price increase comes off the back of Suzuki recording one of its lowest monthly sales numbers in recent memory. The company saw a 74% month-on-month (MoM) reduction in its sales volume based on data provided by the Pakistan Automotive Manufacturers Association (PAMA).
Going forward, the company might experience a similar month in February. This is due to the confluence of the two back to back price increases within February, and the company observing non-production days from February 13 to February 20. These two factors in conjunction are likely to exert demand and supply constraints on Suzuki.
