General Motors logoGeneral Motors has joined the list of automakers who are hiking prices this year, thanks to increased oil and steel costs. Thanks to escalating prices worldwide, Toyota and Ford have both already implemented similar MSRP hikes.

On average, Buick, Cadillac, Chevrolet and GMC models will receive a price bump of $123 when the spike goes into effect May 2. According to the Detroit Free Press, General Motors' brass notes that increased oil prices affect the cost of interior plastics, tires and filling the cars with fuel before delivery. Steel and other metals have gone up, too, making the price uptick a necessity.

[Source: The Detroit Free Press]