Asia Bizz: After the hike in excise duty announced by Indian Finance minister Pranab Mukherjee at the Union Budget 2012-13, India’s leading car manufacturing giant Maruti Suzuki announced a price hike for its vehicles on March 25, 2012. Maruti Suzuki announced a price hike of up to Rs 17,000.

The most popular model of the company, Alto 800 cc, will now cost Rs 4,200 to Rs 5,900 depending on the model features. According to the company’s website, the price of the model ranges from Rs 2.4 lakh to Rs 3.42 lakh, ex showroom price Delhi.

Even the price of the Alto K10 has been increased from Rs 5,500 to Rs 5,700. The actual price of the model is between Rs 3.14 lakh and Rs 3.30 lakh ex showroom price Delhi.

The company has also increased the prices of models ranging from small car M800 to mid sized sedan SX4. Mayank Pareek, the managing executive officer of MSI said that there has been an average increase in the prices of the Maruti Vehicles by 1.75 percent after the Budget. Even the popular model Wagon R will be costlier by Rs 6,000 to Rs 7,600 depending on the model.

Rival companies like Skoda, Honda Motors and Audi have also hiked the prices of their car models following in the increase in excise duty this year.