Japanese tire makers raising prices

Major Japanese tire makers are hiking prices this year to keep up with growing costs amid rising crude oil prices.

Industry leader Bridgestone has decided to raise shipping prices for the first time in two years and eight months.

Starting in April, prices for Bridgestone passenger car and motorcycle tires will increase by seven percent. Prices for truck and bus tires will climb by eight percent.

Toyo Tire has already hiked prices for its products by up to 10 percent this month.

Sumitomo Rubber is planning a hike of around 10 percent in March at the earliest, while Yokohama Rubber will raise prices by up to nine percent in April or later.

The companies blame the higher cost of crude oil used in synthetic rubber.