Mumbai, Sept 21: India’s largest commercial vehicle manufacturer Tata Motors has announced to increase price of its commercial vehicle range from October 1.

The company in a statement on Tuesday said that the effective price hike in the range of two per cent will be implemented basis the model and the variant of the vehicle.

“The continued rise in the cost of commodities, such as steel and precious metals, necessitates the company to pass on a part of it through increase in price of the products,” said the company.

“The company has further strived to minimise the increase in the price by absorbing a certain portion of the cost at various levels of manufacturing. Further, Tata Motors continues the efforts to deliver the lowest total cost of ownership for its customers and fleet owners.”