Hyundai Motor plans to hike prices by upto Rs 16,000 on mid-size car Accent from April 19 after a steep increase in steel prices raised input costs.

"We will effect a three per cent price hike on April 19 on Accent. We will soon take a decision on the quantum of rise on Santro," Hyundai Motor managing director J I Kim told reporters on the sidelines of Elantra launch.

The three per cent price hike on the base model of Accent will make the car expensive by Rs 16,000.

Rising input prices, especially steel has put pressure on margins of almost all automakers.

While utility vehicle maker Mahindra and Mahindra has already hiked prices others, including car market leader Maruti, have announced their plans to jack up prices.

Accent has been badly impacted by spiralling steel costs as it has relatively high import content while Santro is largely indigenised.

Manufacturing costs of top-end Sonata has been neutralised with the cut in excise duty.