All leading paint makers like Asian Paints, Kansai Nerolac, Berger Paints and Shalimar Paints are likely to increase prices of solvent-based paints by 3% to 10% due to a spurt in crude oil prices over the last few months. Crude oil is an important raw material for the paints industry.
Paint makers are looking at raising prices to combat the hit on their bottom line due to the continuing rise in global crude prices, which have been scaling newer peaks each passing day. Oil prices have risen 79% in the last year. The upcoming price hikes in June will come within a gap of only three months. Asian Paints, the leading player in the solvent-based paints category, is also set to hike prices from June 1. Even though the company is tightlipped about the quantum of increase, paint industry insiders expect that Asian Paints will increase prices of solvent-based paints by 3% to 5%.
Paint makers are looking at raising prices to combat the hit on their bottom line due to the continuing rise in global crude prices, which have been scaling newer peaks each passing day. Oil prices have risen 79% in the last year. The upcoming price hikes in June will come within a gap of only three months. Asian Paints, the leading player in the solvent-based paints category, is also set to hike prices from June 1. Even though the company is tightlipped about the quantum of increase, paint industry insiders expect that Asian Paints will increase prices of solvent-based paints by 3% to 5%.
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