The Woodlands, Texas - Huntsman Corp. is to raise prices for all its products, some up to 25 percent, as well as an energy surcharge on a wide range of products, the company said in a 29 May statement. The price increases and surcharges will take effect immediately or as soon as possible.
The company said the price increases were in response to sharp and sustained increases in its costs for energy, commodity and immediate feedstocks and transportation, adding that the amount of each price increase and energy surcharge will vary in accordance to costs attributed to each product.
President and ceo Peter Huntsman said, "The impact of large-scale speculation by traders on the price of energy, in addition to the increased costs we are absorbing from our raw material suppliers and service providers, cannot be underestimated. Having implemented aggressive internal steps to manage these costs, we are reviewing all Huntsman products and are announcing specific price increases, as well as an energy surcharge to be applied where warranted."