Tyres majors, JK and Apollo today slashed prices of their products to pass on the benefit of four per cent cut in excise duty to its customers.
"We have reduced our tyre prices ranging between 2-4 per cent in cross-ply as well as radials for four wheelers," J K Tyre Marketing Director A S Mehta said.
On the similar lines, Apollo Tyres also said that it has passed on the benefits of the excise duty cut announced by the government to its end-users.
"This lowering of prices will be applicable across all products in radial and cross ply tyres, across the segments of truck and bus, light truck, farm, industrial and passenger vehicle tyres," the company said in a statement here.
The new prices will be with retrospective effect from December 1, it added.
The government had yesterday slashed excise duty on an array of consumer products by 4 per cent. Tyres attract the highest excise slab of 14 per cent. This has now been reduced to 10 per cent.
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"This proactive move by the government is extremely welcome at this stage. We do hope this, and other measures together, will boost production and consumer spending," Apollo Tyres Chairman & Managing Director Onkar S Kanwar said.
In tune with the government's actions, the company would pass on the reduction to customers, he added.