GURGAON, India (Dec. 9, 2008)-Apollo Tyres Ltd. will lower tire prices in response to newly reduced excise duty rates.
This lowering of prices will be applicable across all product segments, including light truck, truck and bus, farm, industrial and passenger vehicle tires, the company said. The price reductions are retroactive to Dec. 1.
The company announced the action on the heels of the Chinese government´s decision to cut the excise duty on an array of consumer products by 4 percentage points. Tires attract the highest excise duty of 14 percent, which now is 10 percent, according to Apollo.