Auto majors like Tata Motors, Ford and Hyundai announced that they will increase prices, luxury car maker Skoda said it will pass on the benefit of import duty cut by slashing up to Rs 24,000 on its models.

A Tata Motors official said the company will hike price across its passengers vehicle models between Rs 500 and Rs 1,200.

"We have decided to pass on the impact of the education cess to customers ranging from Rs 500 on an Indica to Rs 1200 on a Safari," the official said.

General Motors also said effective today it will hike prices across all its models -- from hatchback Chevrolet UVA to to luxury sedan Chevrolet Optra.

"We have no option but pass it on to the customers. The increase in prices will be between Rs 600 and Rs 1,500," a senior company official said.

Korean carmaker Hyundai also said it would be hiking the prices, but said it was still working out the quantum.

"Due to a one per cent increase in education cess in the union budget, Hyundai cars would cost more to the end consumer," Hyundai Motors India Managing Director H S Lheem said.

He said the company will absorb the additional costs till the time it clears all existing bookings and would increase the prices once it clears this backlog.

Market leader Maruti was first to announce its decision to hike prices from March 15, while other manufacturers including Ford were also taking stock of the situation to review their product prices.

MUL had on Wednesday said it will hike prices of its cars from March 15 on account of an additional one per cent education cess announced in the Budget.

The company, however, added as a gesture to customers who might have deferred purchases owing to the Budget, it has decided not to hike the prices immediately.

Another manufacturer Ford India also said it was reviewing the impact on prices in light of the Budget.

"We will be considering an increase in the prices of the Fiesta and Ikon that have high local content. We would need to study the impact of customs duty reduction on the price of the Endeavour," a Ford India official said.