Indian automaker Tata Motors said it will raise the prices of its commercial vehicles by up to 3%, its third hike this calendar year, to offset the residual impact of past input costs.

The price hike, effective from Oct., will be applicable across its range of commercial vehicles, the automaker added. The company previously raised prices by 1.2% in January and by 5% in March to ensure its vehicles comply with the new emission norms.

India implemented stricter norms through phase II of Bharat Stage 6 in April, including testing real-time driving emissions, leading to increased costs for automakers.

Earlier in the day, ratings agency Fitch said in that India's commercial vehicle sales volume will slow down to low-to-mid-single digits due to rising ownership costs. The implementation of the latest emission norms will lead to nearly a 5% rise in prices of commercial vehicles from April 2023, Fitch added.