The automobile sector raised prices of vehicles by 149 percent during the period between 2018–23, according to Pakistan Business Forum (PBF) report.
According to PBF Vice President Ahmad Jawad, three major automobile companies in Pakistan have revised their prices three times in just one and a half months due to rupee depreciation against the US dollar.
He revealed that car prices were up by 149 percent and auto parts prices increased to 90 percent from 33 percent, while PKR depreciation was 71 percent.
Ahmad Jawad went on to say that vehicle prices in Pakistan were much higher than in neighbouring countries, which the government should seriously consider.
The PBF Vice President said that unfortunately, the country’s automakers transfer the burden straight away to the end buyers instead of reducing/managing their profit margins in the volatile economic situation.
Recently, Pak Suzuki Motor Company has jacked up the price of cars, citing rupee devaluation against the dollar and shortage of raw materials.
According to details, Pak Suzuki jacked up its car prices by Rs263,000 on the back of increase in power tariffs along with currency fluctuation. It is for the third time in the current year Suzuki has increased prices of its cars.
Suzuki’s Alto VX will now be sold for Rs2.144 million following an increase of Rs110,000. The company’s Swift GLX CVT saw a price increase of Rs263,000 and will now be sold for Rs4.725 million.
Moreover, the prices of Wagon-R, Ravi and Bolan have increased by Rs180,000 and Rs94,000 respectively.