After car makers Maruti and Hyundai announced a hike in prices, luxury car maker Skoda Auto on Thursday slashed prices across all models by up to Rs 24,000 citing reduction in customs duty on imported car parts in the Budget.

The company said reduction in the prices will be effective from today.

"We have been reviewing the price implications with the recent budget impact. A reduction up to Rs 24,000 is expected across various models with effect from March 1," Skoda India managing director Karsten Bogun said in the statement.

The company reported a marginal dip in sales during February at 644 units as against 652 units in the same month last year. The sales for February include 24 units of sedan Skoda Superb, it said.