General Motors Co. says it will raise prices by an average of $123, or 0.4 percent per vehicle to make up for higher oil and metal costs.
GM said the increase was not related to last month’s earthquake and tsunami in Japan and its impact on the global auto industry supply chain.
“This is in response to the continued rise in material costs, and that’s mainly because of commodities,” said GM spokesman Tom Henderson.
The company says the increase will go into effect in the U.S. starting May 2.
Spokesman Tom Henderson says the increase affects nearly all Buick, Chevrolet, GMC and Cadillac models.
The weekly average oil price of the Organization of Petroleum Exporting Countries (OPEC) reached 118.06 U.S. dollars per barrel last week, reaching a record high since the last week of July 2008, the Vienna-based cartel said Monday.
After getting its peak on Monday, oil prices went down, falling to 116.70 dollars per barrel on Wednesday, and fluctuating around 118 dollars afterwards.