Ludhiana: Bicycle maker Avon Cycles on Thursday said the price of bicycles would go up by about 2 per cent due to the increase in input costs.
"The poor man's vehicle -- the bicycle -- will now cost Rs 55 to 65 more," Avon Cycles Managing Director Onkar Singh Pahwa said here on Thursday.
A standard bicycle is priced at Rs 2,700 per unit.
He justified the hike saying that the industry was forced to increase the prices as the cost of the basic main raw material like nickle and steel went up sharply in the past one month or so.
He said the steel prices had jumped up by Rs 2,100 per tonne during the last 45 days. These new rates came into force from February 20, they added.