Kumho Tire is set to increase the price of its tires sold in the local market by up to 4 percent starting March 15, the firm said Friday. 

The price of Kumho’s tires for passenger cars will rise by 3 percent, light trucks by 2 percent and truck buses by 2 to 4 percent, the firm said.

According to Kumho Tire, the decision was due to the increased price of main raw materials. The price of natural and synthetic rubber, respectively, rose by 156 percent and 91 percent on-year compared to last February.

Kumho Tire’s latest move follows a series of price hike decided by global tire makers, including local market leader Hanook Tire‘s raise of up to 4 percent announced last week. 

By Kim Bo-gyung (lisakim425@heraldcorp.com)