Toyota announced on Friday that it is seriously considering raising the prices of its passenger vehicles in the near future. Although U.S. drivers are already suffering at the pump, the sharp increase in raw materials may soon find buyers paying more at the dealership too.

The news of the possible price hike comes just weeks after Toyota announced mid-year price increases for its Toyota and Lexus brands.

Although Toyota spokesman Paul Nolasco says that no decision has been made yet, he says Toyota "won't be able to avoid thinking about price hikes in the future considering a recent jump in raw materials costs."

The decision will likely come down to which automaker flinches first. Just last week Nissan CEO Carlos Ghosn told Automotive News that Nissan will likely raise its prices, but that "It's very, very difficult to move in a market without somehow the leader of the market (making a) move."

Toyota is expected to make a decision on the matter by next month.