Apollo Tyres, India’s second largest tyre maker by sales, is considering increasing product prices next week, after rubber prices soared to a record high, a senior official said.

“We are in the process of finalising it, it should be within the next week or so,” chief financial officer Sunam Sarkar told Reuters. He did not disclose the amount of the proposed hike.

Spot prices of rubber, which accounts for about half the total cost of a tyre, rose to a record high of INR18,000 rupees (US$387) on Monday.