French car major Renault plans to increase prices of its vehicles in India by up to 3% from next month to offset increased input costs.

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"We are currently working on the exact details but it is going to be in the range of 1.5 to 3% from January next month," Renault India Operations Country CEO and Managing Director Sumit Sawhney told PTI.

Explaining the reasons for such a move, he said, "In the past few months, the prices of steel have gone up significantly globally and it is impacting us as well."

The company was holding on to the hike for the past few months but now has decided to go ahead with the increase which will entail the entire product portfolio, he added.

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The price hike will be effective from January 1, 2017.

Renault India sells a range of vehicles from hatchback Kwid with starting price of Rs 2.64 lakh to sports utility vehicle (SUV) Duster tagged at Rs 13.77 lakh (ex-showroom Delhi).

Last week, Toyota Kirloskar Motor (TKM) had announced to hike prices of its vehicles by up to 3% from next month to offset increased input cost and consistent upward trend in foreign exchange rates.

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