Ford India today slashed prices of select variants of its compact sedan Ford Aspire and Figo hatchback by up to Rs 91,000 as it looks to increase sales.

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Under the revised prices, the company's compact sedan Ford Aspire will now be available in a range of Rs 5.28 lakh and Rs 6.8 lakh for 1.2 litre petrol option. The decrease in price of the model ranges from Rs 25,000 to Rs 91,000 depending on the trim level.

Likewise, diesel variant of the model has seen a price cut ranging between Rs 25,000 and Rs 91,000 across different versions and will now be available between Rs 6.37 lakh and Rs 7.89 lakh.

The company's hatchback Figo in 1.2 litre petrol option will now be priced between Rs 4.54 lakh and Rs 6.29 lakh after witnessing a price reduction ranging from Rs 29,000 to Rs 30,000 for the top end versions.

The diesel option of the model, powered by 1.5 litre engine will now cost in a range from Rs 5.63 lakh to Rs 7.18 lakh (all prices ex-showroom Delhi) with the two top-end versions witnessing a price cut of Rs 50,000.

"The new prices are applicable with immediate effect," Ford India said in a statement.

Ford India Executive Director (Marketing, Sales and Service) Anurag Mehrotra said: "With the realignment of prices, Figo and Aspire are even more compelling for customers. The realignment also enhances the accessibility of these outstanding products, which offer segment-first safety features and class-leading technologies."

Earlier in March, Ford India had slashed prices of EcoSport by up to Rs 1.12 lakh, two days after Maruti Suzuki launched its compact SUV Vitara Brezza with price starting at Rs 6.99 lakh.

Ford India's reduction in prices of Aspire and Figo comes at a time when two top carmakers Maruti Suzuki India and Hyundai Motor India have announced price hikes across various models by up to Rs 20,000.

The two companies had cited rising input cost and rupree depreciation as reasons for taking such a step.

The compact sedan segment has been witnessing decline in sales with 17 per cent dip in the January-June period, while the hatchback segment was down marginally by 1 percent during the period.