AKRON—Continental General Tire Inc. will increase prices 3 percent on Continental, General and private brand passenger and light truck tires, effective April 1. The Charlotte, N.C.-based company cited "climbing raw material costs" as the primary reason for the price hike.
in a prepared statement, Thomas G. Bruning, CGT's director of passenger/light truck replacement sales, said: "Process oil costs are rising almost every quarter, and costs for other key ingredients—synthetic rubber, carbon black, chemicals and reinforcements—increase along with crude oil prices."
According to the Wall Street Journal, per barrel prices for several grades of imported crude oil range from $24 to $29, compared with $9 to $10 a year ago.
CGT's move follows a round of price increases announced by the "big three" tire makers in January.
At that time, Goodyear hiked prices on Goodyear, Dunlop, Kelly and private brand commercial light truck lines; Bridgestone/Firestone Inc. raised prices on Bridgestone brand commercial light truck tires; and Michelin North America increased prices on some recreational vehicle tires, while lowering them on others.
Spokesmen for those companies indicated no immediate plans for additional price increases, a line echoed by Yokohama Tire Corp. and Pirelli Tire North America.
A spokeswoman for Cooper Tire Co. said the company does not comment on price increases.