LG hikes refrigerator prices by 6 per cent

New Delhi, June 6: LG Electronics India Pvt Ltd (LGEIL) today announced a six per cent price hike for all models of its refrigerators in the direct cool and frost free categories, owing to increase in the prices of raw material, mainly steel and copper.

''It has beecome imperative for us to consider price hike due to rise in input costs. The overall impact of the company's raw material cost for refrigerators has steeply increased by an average of 10 per cent to 13 per cent due to rising base metal prices like copper, zinc and HR coil along with crude oil resulting increase in plastics and energy cost,'' LGEIL Business Group Head (Refrigerators) Anil Arora said.

''Steel, copper and plastics are some of the critical inputs of refrigerators and all these raw materials have registered an average price hike of 20 per cent to 25 per cent, with steel and copper prices rising by 25 per cent and 100 per cent respectively,'' he added.

UNI