HUL, ITC increase soaps, detergents prices, here’s why you’ll have to loosen the purse strings

HUL and ITC Ltd have increased the prices of select variants of soaps and detergents sold by consumer goods brands in India.

New Delhi: Consumer goods brands such as Hindustan Unilever Limited (HUL) and ITC Ltd have increased the prices of select variants of soaps and detergents sold by two companies in India. The reason behind the price is a rise in input costs. 

For instance, ITC has increased the price of its two soaps - Fiama Di Wills and Vivel - by 10 to 15%. The company has increased the rates after input costs went up significantly. “The overall industry has increased prices,” a company spokesperson told Mint. 

“While prices of select items have been revised, ITC's focus is on effective cost management, premiumisation, favourable business mix and evaluating all avenues to mitigate costs and enhance efficiency, to ensure that we don’t have to pass on the entire burden to the consumer," the spokesperson told the daily.  

On the other hand, the price of HUL’s Wheel 1 kg pack detergent powder has hiked by 3.4%, according to a report by CNBC TV 18. The price of the pack will reportedly increase by Rs 2. Moreover, the company has also initiated a price hike on a 500-gram pack of Wheel as well as on Rin detergent bar and Lux soaps. Also Read: This old Rs 5 note with 786 number can fetch you Rs 2 lakh, here’s how

The soaring input costs have forced companies to push the increased expenses on customers. Rising fuel and palm oil prices, coupled with increased freight costs are forcing companies to increase the prices of their products to minimise the impact of higher input costs on their balance sheets. Also Read: PM-KISAN 10th instalment on December 15: Is Aadhaar linking a must to get Rs 6,000 annual benefit? Know here