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The sources said the automobile company is considering increasing vehicle costs in Japan by 1 percent to 3 percent in an attempt to limit the financial impact of rising material costs, Kyodo reported Saturday.

Domestic sales during the first half of 2008 will be analyzed before making a final decision on the matter. The sources said such a decision could occur in July, the Japanese news agency reported.

If it happens, it would mark the first time since 1974 that Toyota has instituted such a wide-ranging price increase in Japan. The 1974 increase was due to an oil crisis that also hindered the Japan-based company's profit margin.

The sources told Kyodo that news of the potential price hike has Toyota dealers concerned as Toyota sales are mired in a prolonged slump.

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