*LAHORE:* In a massive revision in prices, Indus Motors Company (IMC) forthe second time since January 2018 on Wednesday announced a price increasefor its Corolla, Fortuner and Hilux vehicles by a whooping Rs300,000. Itwas previously speculated that Toyota-IMC might revise prices amid therecent rupee depreciation.

The State Bank of Pakistan (SBP) allowed the rupee to 4 per cent to Rs115to the US dollar in the inter-bank market on Wednesday. The central bankhas so far devalued the currency by a total of 9 per cent, including the 5per cent plunge in December 2017.

After the second round of rupee depreciation and price increase in rawmaterials, car prices were expected to increase by as much as 5 per cent.Following this adjustment prices for Corolla have increased by aboutRs100,000 while others have seen a price increase of up to Rs300,000.

Earlier, the company had increased prices ranging from Rs50,000-60,000,however, these changes were a partial adjustment for the increase in thecost of production.

The increase in price will not only hit new customers, but also those whohave already booked their cars with the company a few months ago.

IMC increased the rate of Grande CVT SR by Rs75,000, which is now priced atRs2.33 million, Grande MT SR saw its price jump up Rs75,000 to Rs2.51million. Altis 1.8 CVT’s price was raised by Rs75,000 to Rs2.46 million,Altis 1.8 MT by Rs75,000 to Rs2.33 million, Altis 1.8 MT by Rs75,000 toRs2.27 million, XLI by Rs75,000 to Rs1.89 million, GLI AT by Rs100,000 toRs2.12 million, GLI MT SE by Rs100,000 to Rs2.15 million, and the price ofGLI MT increased from Rs100,000 to Rs2.04 million.

It also increased the price of IMV 1 Deckless, IMC 1 4X2, IMC 1 4X2 upspec, Revo G MT, Revo G AT, Revo V AT, Fortuner 4×2 Hi and Fortuner 4×4 inrange of Rs100,000-300,000.